Macau (MNA) – Local telecom operator Companhia de Telecomunicações de Macau (CTM) announced this Wednesday that its profits fell 18.5 per cent yearly in 2017 to MOP880.9 million.
Revenues generated by the company decreased 20.5 per cent to reach MOP3.58 billion, with CTM stating multiple tariff reductions during 2017 led to the results, the same reason given for the decreases in revenue and profits in last year.
The company noted that an outbound roaming tariff reduction of 46 per cent had led to a MOP5.8 million reduction of profit, while a 45 per cent drop on IDD tariffs had led to a MOP16 million drop.
“This impacted our profits but we don’t think it will impact the services we provide to the customers […] During Typhoon Hato many citizens could experience what we provide even under serious circumstances,” CTM’s VP of Commercial Ebel Cham said at the company’s financial results presentation.
According to to Ms. Chan the company looked to expand its services in the Greater Bay Area since because “Macau is a small city capital investment is big but returns might not be so high” with CTM introducing the TVBAnywhere and a Greater Bay Area Plan.
Despite the decrease the company’s CEO, Vandy Poon, stated CTM still invested over MOP385 million over the last year to drive forward plans for Digital Macau and information technology applications, such as enhancing 4G+ mobile and expanding CTM’s Wi-Fi hotspot coverage.
In 2017 optic-fibre penetration reached 80 per cent with 4G penetration reaching 90 per cent.
“Our market share was around 44 per cent end of 2017 but in terms of 4G we were the highest among the four operators,” Mr. Poon stated.
As of December 31 2017 the company employed 1,062 individuals, with 27.3 per cent having already worked for the company for over 15 years.
[To be Updated]