PCCW, the Hong Kong telecoms group, on Thursday reported a 20 per cent increase in net profit for 2007 after stemming losses at its pay television and mobile phone units.

But Hong Kong’s leading telecoms group said revenue fell 7 per cent to HK$23.72bn ($3bn) last year due to a poor performance in its property arm. PCCW, headed by Richard Li, said it would continue to seek opportunities to invest in foreign markets after a consortium that includes the company won a fixed-line licence in Saudi Arabia last week.