Hong Kong Broadband Network (HKBN) has reported a 9.6% increase in ebitda for its first full financial year since its buyout in 2012.
The company reported an ebitda for the year ending in August of HK$711 million. Net profit fell to HK$358 million from HK$495 million, but last year's results were influenced by the buyout.
Service revenue increased 6.4% to HK$1.83 billion. HKBN attributed the growth to steady customer growth in a saturated market.
The company's share of the fixed broadband market increased to 32.7% from 30.4%, with HKBN adding 34,000 residential subscribers even as the total residential market contracted by 39,000 subscriptions over the year. Residential broadband churn for the year was less than 1%.
In an investor presentation, the company revealed that the residential market currently accounts for 80% of its service revenue.
But going forward, the company plans to focus on pursuing growth through the enterprise market and by providing services including backhaul and Wi-Fi offload for mobile and global operators.
Private equity firm CVC Capital Partners purchased HKBN in May last year as part of a management buyout for HK$5.1 billion ($657.8 million).