DBS forecasts Phoenix TV to fall 3% to HK$49 mln in net profit

DBS forecasts Phoenix Satellite TV's (8002) FY01 net profit to fall 3% to HK$ 49 million. DBS says that although revenue likely to rise 35% to HK$688 million , operating expenditure also likely to rise 43% owing to launch of Phoenix Weekly and 2 new channels. Excluding these startup costs, DBS estimates Phoenix FY01 net would have nearly tripled to HK$145 million. Stock up 1.1% at 94 HK

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