PCCW (00008) announced results for the year ended December 31, 2023, with revenue increasing 1% to 36...
According to the Zhitong Finance App, PCCW (00008) announced results for the year ended December 31, 2023, with revenue up 1% to HK$36.347 billion; EBITDA increased 4% to HK$12.831 billion; loss attributable to company equity holders was HK$471 million; profit attributable to company equity holders was HK$158 million during the same period last year; basic loss of HK$6.10 per share.
Despite the challenging economic environment, PCCW achieved steady operating performance thanks to the steady progress of its over-the-top (OTT) and free-to-air TV media business and the business resilience of Hong Kong Telecom Limited (HKT).
OTT and free-to-air TV and related businesses have been growing steadily, so earnings and earnings (EBITDA) before interest, taxes, depreciation and amortization (EBITDA) have increased significantly. For the year ended 31 December 2023, OTT business revenue increased significantly by 22% to HK$2,452 billion, mainly driven by Viu's impressive revenue growth of 27% due to its rich content, active interaction with a large user base, and greater value for its paying users. During the year, Viu focused on driving subscription revenue, which rose 32%, due to a 10% increase in paid users to 13.4 million and increased pricing in selected markets. In terms of ad support services, the cost per thousand ad impressions (CPM) and sales rate increased, leading to a 15% increase in revenue. Due to the focus on improving monetization and profitability, the EBITDA of the OTT business more than tripled to HK$592 million.
ViuTV continued to launch exciting variety shows and series throughout the year, garnering steady ratings and attracting sponsors from advertisers from all walks of life. Furthermore, the company is developing new forms of entertainment such as movies, stage plays, and overseas events, bringing steady growth to the event and artist management business. Despite the challenging TV advertising market situation in Hong Kong, China, free TV and related businesses achieved revenue growth of 5% to HK$952 million thanks to the company's richer lineup of entertainment programs and an attractive audience base for advertisers. Taking advantage of the expanded revenue base and scale advantages, ViuTV's eBITDA for the year ended 31 December 2023 nearly doubled to HK$190 million.