Themis Qi
HKT Trust and HKT Ltd (6823) said its net profit inched up by
2 percent to nearly HK$2 billion in the first half from a year ago, partly squeezed by high interest rates, but it remains cautious about the outlook despite expected US rate cuts.
The telecommunication service provider also increased interim distribution by 2.7 percent to 32.92 HK cents per stapled unit.
Though the US Federal Reserve has been forecast to reduce rates for the first time in September, HKT still needs to be careful, said group managing director Susanna Hui Hon-hing.
HKT's current priorities are to reduce debts and maintain profits, which aims to ensure overall financial conditions are healthy, added Hui.
She also anticipates that revenues from enterprise services and roaming will keep growing in the second half, as more and more firms expand to the mainland cities rather than overseas and more tourists visit the city.
When asked about the possibility of lowering charges in line with its peers, Hui said HKT's pricing is competitive enough and it has the confidence to maintain growth with its service and product quality.
Total revenue edged up by 2 percent to HK$16.7 billion, dragged down by sluggish mobile product sales. Its adjusted funds flow before finance costs, tax and other expenses increased by 7 percent.
Notably, first-half outbound roaming revenue reached 104 percent of pre-pandemic levels, boosted by more locals traveling abroad and to the mainland.
