Hutch narrows 3G losses

Hutchison Whampoa expects its 3G business to turn its first profit this year, after cutting losses at the division in 1H10.
 
The firm reported a better-than-expected 12% rise in profits in the first six months of 2010 to HK$6.45 billion (€629 million), which was in-part helped by an 82% drop in pre-tax losses at its 3G division to HK$998 million.
 
Losses fell as 3 Group increased earnings after growing its global subscriber base 6% to 27.8 million, and lowering amortization costs relating to 3UK’s licenses.
 
Mobile broadband users hit five million during the period, an increase of 16% on 1H09.
 
Analysts polled by the Wall Street Journal predicted Hutchison would achieve a slightly more modest profit of HK$4.51 billion during 1H10.
 
Group revenues were up 8% during 1H to HK$153 billion, while EBIT was stable at around HK$18 billion.
 
Chairman Li Ka-shing forecasts full year revenues would hit $40 billion (€30.2 billion), noting that the “Group has very healthy development prospects and a promising future,” in a statement.

Suggested Articles

Wireless operators can provide 5G services with spectrum bands both above and below 6 GHz—but that doesn't mean that all countries will let them.

Here are the stories we’re tracking today.

The 5G Mobile Network Architecture research project will implement two 5G use cases in real-world test beds.