Profit drops at Hutchison in H1

28 Jul 2021

Hutchison Telecommunications Hong Kong Holdings (HTHKH), which has cellular operations in Hong Kong and Macau, has reported revenue of HKD2.57 billion (USD330 million) for the first half of 2021, a 29% increase on the same period of 2020, as the company recovers from the effects of COVID-19 travel restrictions last year. Local service revenue climbed 4% to HKD1.50 billion. Total EBITDA fell 4% to HKD747 million due to a drop in roaming revenues, though local service EBITDA was up 3% at HKD638 million. Profit attributable to shareholders fell from HKD146 million in H1 2020 to HKD31 million in the first half of this year, with the decrease attributed mainly to lower net interest due to a significant cut in bank deposit rates and a HKD310 million fall in the net cash balance due to payments for 5G spectrum and infrastructure.

Hutchison had 3.2 million wireless customers in Hong Kong and Macau at the end of June, a fall of 2% in twelve months, mainly due to a decrease in pre-paid customers in Macau. Local post-paid net ARPU increased by 7% to HKD160, mainly due to higher contributions from the corporate segment as well as uplift from 5G service upgrades.

Hong Kong, CK Hutchison, Hutchison Telephone Company (3)