HKT Ltd. a big loser for Pacific Century

Pacific Century CyberWorks (PCCW), the Hong Kong Internet startup that bought incumbent telecommunications carrier Cable & Wireless HKT Ltd. (HKT) at the height of the tech-stock frenzy last year, on Wednesday posted a net loss for 2000 of more than HK$6.9 billion (US$884.6 million).

Losses on its basket of investments in other Internet companies, and the cost of loans to finance the US$28.9 billion acquisition of HKT, hit the company hard. PCCW now values the former carrier's business at US$5.7 billion, after the past year's meltdown in IT and telecommunications stocks. With an adjustment for the shortfall in HKT's value, the company is now worth less than it owes, by more than HK$14 billion.

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