EBIT of alright: 3 Group posts first positive operating profit

29 Mar 2011

Hong Kong-based Hutchison Whampoa has disclosed that its international 3G mobile division 3 Group’s consolidated full-year revenues grew by 11% in 2010 to HKD64.2 billion (USD8.2 billion), whilst it also reported its first positive annual operating profit (EBIT), of HKD2.9 billion, compared to EBIT loss of HKD8.9 billion in 2009. All units except Ireland posted an EBIT positive result in the second half of the year, whilst figures were boosted by a one-time gain of HKD6.0 billion due to its UK unit’s infrastructure sharing agreement with T-Mobile UK (now partnered with Orange UK in Everything Everywhere), and a one-off HKD1.5 billion payment from a change of spectrum rights in Italy. The group also said that its total customer base increased by 13% year-on-year to 29.7 million at 28 March 2011, whilst mobile broadband internet subscribers grew by 32% to 6.0 million in the same period.

Hong Kong, CK Hutchison