Hutchison’s HTHKH reports 17% turnover increase, 61% profit rise

23 Mar 2011

Hong Kong-based conglomerate Hutchison Whampoa’s domestic mobile, fixed and broadband telecoms group Hutchison Telecommunications Hong Kong Holdings (HTHKH) has reported its annual results for the year ended 31 December 2010. Consolidated turnover grew 17% to HKD9.88 billion (USD1.27 million), driven by revenues at mobile unit Hutchison Telephone Company (3) which increased by 25% to HKD6.95 million, reflecting data revenue growth of over 36% and strong sales of smartphones, while fixed and broadband operations achieved a 2% improvement in sales. Operating profit at HTHKH reached HKD1.11 billion in 2010, representing an increase of 41% compared to HKD787 million the previous year – including mobile operating profit growth of 64% to HKD792 million – largely attributable to steady turnover growth coupled with effective cost management. Net profit attributable to shareholders of the company increased by 61% to HKD755 million. During the year under review, HTHKH’s fixed network division, Hutchison Global Communications (HGC), began using the ‘3’ brand for consumer services to achieve greater synergies with its mobile sister unit. Hutchison plans to carry out a rollout of 4G Long Term Evolution (LTE) mobile broadband services in Hong Kong ‘later in 2011.’