COVID-19 hits Hutch profit in first half of 2020

29 Jul 2020

Hutchison Telecommunications Hong Kong Holdings (HTHKH), the owner of cellular operations in Hong Kong and Macau using the ‘3’ brand, recorded service revenues of HKD1.66 billion (USD215 million) in the first six months of 2020, down 7% year-on-year. EBITDA dropped 1% to HKD778 million, while profit attributable to shareholders plunged 22% to HKD146 million. As of 30 June 2020 the total number of customers in Hong Kong and Macau remained steady at approximately 3.3 million.

A company statement read: ‘The COVID-19 pandemic has posed unprecedented challenges to individuals and businesses around the world. The business climate of the mobile telecommunications market has inevitably been affected, and travel restrictions and other precautionary measures imposed to control the spread of COVID-19 have resulted in a major reduction in roaming revenue. Against this backdrop, the Group has taken a number of proactive measures to reduce the impact of the pandemic on its business. The Group’s operating results for the first half of 2020 have demonstrated resilience in the face of adversity, particularly attributed to its effective cost structure.’

Hong Kong, Macau, Hutchison Telecom Macau (3), Hutchison Telephone Company (3)