Business Services Industry
Cable & Wireless adrift in cyber black hole.
Australasian Business Intelligence, December, 2002
Dec 05, 2002 (BRW - ABIX via COMTEX)
Since Cable & Wireless (C&W) sold its controlling stake in Australian telco, Optus, the British company has been in difficulties. The sale of Optus to Singapore Telecommunications for $A14bn worth of cash and shares was part of an overall strategy to shed telcos around the world in favour of online ventures. However, the strategy has yet to bear dividends, with C&W posting a pre-tax loss of Stg4.4bn for the six months to the end of September 2002. Conversely, Optus has prospered under its new owner, according to its CEO, Chris Anderson. In the same six month period, the Australian company has reduced net losses from $A287m to $A76m.
Publication Date: 5 December 2002
SINGTEL OPTUS PTY LTD:
CABLE...
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