Golden Sachs downgrades PCCW profit forecasts in 01-03 by 10-15%

The management team of Australian telecom Telstra said to the analysts of Golden Sach that the EBITDA of Reach this year was expected to be US$400-500mln. After analyzing the forecasts of Reach, Golden Sachs downgraded the EBITDA forecasts of Reach in 2001-2002 by 23% and 27% respectively to US$498mln and US$522mln. Golden Sachs pointed out that after the analysis mentioned above, the fund house also downgraded the EBTIDA forecasts of PCCW (0008) in 2001 and 2002 by 8%. As a result, Golden Sachs downgraded the profit forecasts of PCCW in 2001, 2002 and 2003 by 15%, 12% and 10% to HK$2.1bln, HK$4.9bln and HK$9.2bln and meanwhile it also downgraded its annual turnover in 2001, 2002 and 2003 by 1.6%, 1.9% and 2.2%.

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