Summary by Futu AI
Hong Kong Broadband (HKBN) announced its financial report for the first half of 2024, showing a 13% drop in revenue to $58.09 billion, while profit for the period dropped significantly by 93% to $153.4 million. Enterprise Solutions business revenue decreased 4% to $32.62 million, but enterprise services revenue grew 3%, reflecting system integration capabilities. The cloud services business is a major driver of enterprise revenue growth. Residential Solutions business revenue fell slightly by 1% to $11.82 billion, but residential ARPU edged up slightly by 1% to $181. The company formed a strategic alliance with Nokia to pre-sell the first 25Gbps fibre network in Hong Kong, expected to increase market share. The company declared an interim dividend of 15 cents per share, down from the same period last year. As of 29 February 2024, the company's current liabilities exceeded the current assets of approximately $2.73 million, but management expects operating cash inflows and bank financing to pay the debt. The Company's directors and management have complied with the Corporate Governance Code as prescribed by the Listing Rules.