Australia's Hutchison sees improving earnings as 3G customers increase |
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Published
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Tue, 27 Feb 2007 02:46
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SYDNEY (XFN-ASIA) - Hutchison Telecommunications (Australia) said its financial performance is improving as it attracts more customers to its third generation or 3G mobile phone network in Australia.The company, 58 pct owned by Hong Kong conglomerate Hutchison Whampoa Ltd, reported a 759.4 mln aud net loss for 2006 after a 547.3 mln loss in 2005 but earnings before interest, tax, depreciation and amortization (EBITDA) turned positive for the first timeHutchison said EBITDA at 30.2 mln aud represented a 195.8 mln aud turnaround on the prior year.The company said the next milestone is to be EBIT positive.'Growth in margin combined with the continued control of operating costs will be the priority,' Hutchison said.It said the latest year's improvement reflected a continued strengthening net margin driven by strong 3G customer acquisition and reduced external churn combined with tight control of running operating costs.The 2006 net loss included an impact of 307.9 mln aud related to the closure of the CDMA (Code Division Multiple Access) network.After eliminating the network closure costs from the reported result, the company's underlying result was a net loss of 451.5 mln aud, an improvement of 95.8 mln aud on 2005.In the latest year, revenue rose to 924.9 mln aud from 758.2 mln in 2005.Chief executive Nigel Dews said Hutchison said Hutchison's '3' brand continues to lead the 3G market where growth is set to accelerate as migration activity from second generation networks increases.The company did not declare a final dividend.(1 usd = 1.26 aud)bruce.hextall@xfn.com
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Hong Kong's Hutchison Whampoa to benefit from Hutch Essar stake sale - S&P 