HGC sale boosts HTHKH 2017 profits

27 Feb 2018

Hutchison Telecommunications Hong Kong Holdings (HTHKH), which has wireless operations in Hong Kong and Macau, has reported an almost seven-fold increase in net profit for full-year 2017 to HKD4.77 billion (USD609 million). The jump was due to the disposal of the company’s Hong Kong fixed line business, Hutchison Global Communications (HGC), in October. The HKD14.5 billion deal resulted in a one-off gain to HTHKH of HKD5.61 billion. Revenue for the year was down 19%, however, at HKD6.75 billion, mainly due to lower handset sales; service revenues were down 2% at HKD3.85 billion. A company statement said: ‘Market conditions continue to be challenging, and competition remains keen.’ HTHKH claimed 3.3 million cellular subscribers in Hong Kong and Macau at the end of 2017, up from 3.2 million a year earlier.