C&W's profit drops 40 per cent in first half

Cable & Wireless has reported a 40 per cent drop in net and operating profit it attributed mainly to problems with its Hong Kong subsidiary, Cable & Wireless, and the continued expense of building up its network.

The London-based telecommunications carrier's net profit sank to $US332.6 million for the first half of its fiscal year ended September 30, down from 356 million in the comparable half of last year.

The company's revenues rose 25 per cent in the first half of last year.

C&W's results were hurt by investments in its network infrastructure and by continuing competitive pressures in Hong Kong as well as declining profit in its UK subsidiary Cable & Wireless Communications, the company said.

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