Hong Kong's Hutchison Whampoa 2006 profit up 40 pct; top end of forecasts UPDATE |
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Thu, 22 Mar 2007 07:44
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HONG KONG (XFN-ASIA) - Hutchison Whampoa Ltd announced a 40 pct rise in 2006 net profit to 20.03 bln hkd from the year-earlier 14.34 bln, supported by growth in its core businesses, narrowing of 3G losses and a one-off gain from sale of a stake in its ports division.The conglomerate's earnings were at the top end of the range of forecasts of analysts surveyed by XFN-Asia.'Both the group's established businesses and the 3 Group recorded growth and improved results in 2006,' chairman Li Ka-shing said.Total revenue for 2006 stood at 267.66 bln hkd against 241.86 bln a year earlier, while the earnings per share rose to 4.70 hkd from 3.36.Earnings before interest and tax (EBIT) stood at 50.89 bln hkd, up from 32.60 bln a year earlier, while EBIT from established businesses alone was up 14 pct to 43.79 bln hkd.The company booked revaluation gains of 3.8 bln hkd on investment properties while asset disposal gains stood at 23.3 bln hkd, mainly from sale of a 20 stake in its ports division.Hutchison's third generation (3G) mobile operations recorded a loss of 20 bln hkd before interest and taxes in 2006, narrower than the 36.28 bln loss posted a year earlier due to 'continued growth in its customer base and revenue,' Li said.The 3 Group recorded total revenue of 50.7 bln hkd, up 35 pct from a year earlier.3G customer base increased 30 pct last year and currently stands at over 14.7 mln.The average revenue per active user last year was 45.63 eur, up 8 pct from a year earlier. The ARPU of its Italian unit stood at 33.99 eur against 34.87 a year earlier, while UK and Ireland combined ARPU was 46.57 stg, up 35 pct from year earlier.Li reiterated that the company targets to achieve positive monthly EBITDA for its 3G business after customer acquisition costs on a sustainable basis during the first half of this year and positive monthly EBIT on a sustainable basis next year.He said the company will continue to seek new opportunities in China as well as overseas.'With our diversified portfolio of business worldwide, and our sound financial position, I am confident that our group's business will continue to perform well in 2007,' Li said.The company declared a final dividend of 1.22 hkd a share, unchanged from the year earlier.(1 usd = 7.8 hkd)leonora.walet@xfn.comlw/rc
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