Sales fall at CK Hutchison telecoms unit as it registers impairment charge in Italy

6 Aug 2021

CK Hutchison Group Telecom has recorded a 2% year-on-year fall in revenues for the first half of 2021 to EUR4.90 billion (USD5.8 billion). EBITDA jumped 41% to EUR3.10 billion, while profit attributable to shareholders more than doubled to EUR1.77 billion. Excluding one-off items in the first half of 2021, 3 Group Europe reported revenues of EUR4.62 billion, down 4% from a year earlier. One-off items in the period included a EUR2.62 billion gain from the sale of tower assets, with this partly offset by an impairment charge of EUR1.67 billion on its Italian operation WINDTRE. The group said that strong competition in Italy has led it to lower expectations for 5G growth.

3 Group Europe claimed 38.0 million active mobile customers at the end of June 2021, down from 38.7 million a year before, while there are also 2.9 million fixed line subscribers at WINDTRE.

Italy, CK Hutchison