HKBN Turns to Profit in Fiscal Year 2024

MT Newswires Live10-31

HKBN (HKG:1310) recorded an attributable profit of HK$10.3 million for the fiscal year ended Aug. 31, compared with an attributable loss of HK$1.27 billion a year prior, a Thursday bourse filing stated.

Earnings per share stood at HK$0.007 in the year, while the company had incurred a loss per share of HK$0.967 in fiscal year 2023.

The firm's revenue fell by 9% to HK$10.7 billion from HK$11.7 billion in the previous fiscal year, mainly due to weaker-than-expected sales of handsets and other products.

The broadband network company attributed the turnaround to profit mainly to ongoing efforts to boost core business performance and operational efficiency.

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