PCCW out to double operating revenue

By Staff and reports

HONG KONG, China (CNN) -- Battered Hong Kong telco PCCW is aiming to double its operating revenue in the next few years, according to the South China Morning Post.

"We are setting ourselves for growth in revenue, particularly operating revenue, in the next few years," PCCW chairman Richard Li told the daily paper.

"Assuming we are able to increase operating revenue by 11 percent, it will take us seven years to reach this target," he added.

'Better positioned for growth'

PCCW, once a celebrated investment target during last year's new economy craze, has seen its stock plunge over 80 percent in the past year amid concern of its debt levels and profit growth potential.

The company posted a $885 million loss last year.

Li told the Post that PCCW would be better positioned for growth in the months ahead.

He also said he would continue to explore ways to cut operating costs but had no plans to trim its workforce, despite market rumors that 3,000 jobs would be axed.

In July, the Hong Kong telco announced 340 job cuts from its Internet services division.

Li, the second son of Hong Kong's wealthiest man Li Ka-shing, is burdened with the task of leading the debt-laden telco as well as a credibility problem.

"When I see people losing money on the stock market, of course I am not very happy," he said.

"Reading newspapers used to be my favorite pastime, but not any more."

In March, Li revealed that he had not graduated from Stanford University, contrary to profiles in some company documents.

He suggested to the Post that the disclosure caused him much grief.

"There is one thing I did regret a lot, but I don't want to bring it up again."