Feb. 28, 2012 (China Knowledge) - Hong Kong Telecom Trust<6823>, the telecom business spun off from PCCW Ltd<0008
>, the biggest telecom carrier in Hong Kong
, reaped HK$1.22 billion in net profit last year, up 32% year on year.
HKT Trust, which listed last November, attributed the profit growth to increased telecom services and the mobile business.
Revenue for last year rose 7% to HK$19.82 billion as the telecom and mobile businesses performed well. Earnings before interest, taxes, depreciation and amortization, or EBITDA, stood at HK$7.41 billion, up 2 from a year earlier.
Of the total revenue, HK$1.96 billion was derived from mobile business, while HK$17.29 billion from telecom sector.
As of Dec. 31, 2011, HKT Trust had US$2.74 billion or around HK$21.35 billion in net debt, US$3.83 billion less than it had at the end of 2010.
The trust company, which saw its 3G user volume surge 59% to 1.06 million at the end of last year, intends to provide high-speed 4G service this year, sources reported.