Hutchison Whampoa has hailed the long-awaited debut profits from its European and Australian 3G business for helping the flagship vehicle of Hong Kong tycoon Li Ka-shing to lift net profits by 47 per cent to HK$20bn ($2.6bn) last year.
The ports-to-telecoms conglomerate reported that 3 Group, which offers 3G mobile phone services in Europe and Australia, achieved its first positive earnings before interest and taxes of HK$2.9bn, compared with a loss of HK$8.9bn in 2009.
The 3G mobile phone unit, which excludes Hutchison’s Asian telecom business, has proved a drag on the group’s performance, losing money since it started services in 2003.
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