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HONG KONG -- Pacific Century CyberWorks HKT (PCCW) said March 28 it suffered a $886 million loss in 2000, reflecting a bearish market for Internet and telecom companies. Consolidated revenues increased to $935 million from $19 million in 1999 on the back of major acquisitions last year.

Investors responded negatively today as the Hong Kong-based company's stock fell 6% on the Hang Seng Index.

PCCW blames "substantial challenges and volatility in global financial markets," which have particularly impacted telecommunications, Internet and technology companies.

PCCW was founded by Richard Li, son of Hong Kong tycoon Li Ka-shing. It made headlines last February when it won the battle for Cable & Wireless HKT against Singapore Telecommunications, a deal finalized on Aug. 17.

While the HKT acquisition generates steady revenue, PCCW has had less luck with its consumer Internet businesses, particularly Network of the World (NOW). Last year the broadband TV and Internet project was heralded as the flagship of its fledgling Internet empire, but it has fizzled, as analysts and consumers bemoan its lack of relevant content.

Copyright March 2001, Crain Communications Inc.

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