PCCW, Hong Kong's largest fixed line phone operator, has announced its first half-yearly result, for the period ended June 30, 2006. Net profit fell by 16 per cent to $102 million from $122 million a year earlier.

Revenues, however, increased to $1.81 billion from $1.5 billion during the corresponding period. According to PCCW, its financial results nevertheless reflect a recovery in its core telecom business as well as growth in its pay TV operations and property units. Also, the company's core telecom revenues rose to HK$7.41 billion from HK$7.39 billion in the previous year.