Summary by Moomoo AI
HONG KONG BROADBAND (HKBN) ANNOUNCED INTERIM RESULTS FOR THE SIX MONTHS ENDED 29 FEBRUARY 2024, WITH REVENUES DOWN 13% YEAR-ON-YEAR TO $58.09 BILLION, MAINLY AFFECTED BY POOR SALES OF MOBILE PHONES AND OTHER PRODUCTS. Despite the decline in overall revenue, core businesses such as fixed-line telecommunications network services, technology solutions and consulting services posted steady growth of 1%. Profit for the period fell by 93 percent to $200 million, but a significant improvement over the previous fiscal year's loss of $12.67 billion. Adjusted free cash flow also fell 66% to $1.24 billion, driven by the high interest rate environment. The company continues to advance its enterprise solutions business and enhances product services through partnerships with residential solutions. In addition, the company partnered with Nokia to pre-sell its first 25Gbps fibre network across Hong Kong, laying the foundation for future growth. The Board of Directors declared an interim dividend of 15 cents per share.