Macau: US$88 million profits for Companhia de Telecomunicações de Macau in 2008

16 April 2009

Macau, China, 16 April – Macau telecom company Companhia de Telecomunicações de Macau (CTM) profits reached 706 million patacas (US$88.25 million), 7.6 percent up on 2007, the president of the company’s executive board announced Wednesday.

Vandy Poon Fuk Hei said that in 2008, CTM showed gross profits of 2.44 billion patacas (US$305 million), which represented a 7 percent increase on 2007.

He also said that given the company’s good economic situation it would reduce its rates for long distance and leased circuit calls.

Vandy Poon reiterated that CTM would invest at least one billion patacas over the next three years in improving broadband, mobile telephone services, internet expansion and the installation of the latest fibre optic networks in residential buildings.

Vandy Poon Fuk said, however, that the government’s decision to grant another 3G licence, probably in June, could saturate the market affecting mobile phone services.

Macau currently has three 3G telephone licences and four 2G licences.

The president of CTM’s executive board also said that, until the end of this month, the company should finalize an agreement with the government concerning the exclusive concession CTM holds on telecommunications in Macau which ends on 31 December 2011.

“Based on the agreement with the Macanese government we would relinquish the exclusive rights we have on the fixed telephone service in the country,” he said.

In 2008 CTM had 440,000 mobile phone clients, a third of which use 3G services.

CTM is owned by Cable & Wireless with 51 percent, Portugal Telecom, with 28 percent, CITIC Pacific, with 20 percent and the Macau government with 1 percent. (macauhub)