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Australia's Hutchison reports full year loss of US$263 million

Australia's Hutchison reports full year loss of US$263 million

Hutchison Telecommunications (Australia) Ltd. said Tuesday that its full-year net loss narrowed last year when compared to the year before, and that it expects a turnaround in earnings before the end of 2008.
The Sydney-based mobile telephony group, which operates the "3" network, said net loss for the year ended Dec. 31 narrowed to 285 million Australia dollars (US$263 million; euro178 million) from a loss of A$759.4 million the prior year.
The group issued convertible preference shares during the year to reduce its debt position, resulting in a A$103.6 million (US$96 million; euro65 million) reduction in financing costs. The company said the recapitalization will save A$250 million (US$230 million; euro155 million) in interest costs on an annualized basis.
The result was in line with market expectations.
The company ended the year in a positive position with operating cash flow.
Revenue rose 25 percent on-year to A$1.32 billion (US$1.23 billion; euro830 million) from A$1 billion while earnings before interest, tax, depreciation and amortization rose to A$114 million (US$105 million; euro71 million) from A$30.2 million a year ago. The group did not declare a dividend.
Hutchison Telecommunications, which is backed by Hong Kong conglomerate Hutchison Whampoa Ltd., said it added 333,000 mobile customers in the year to 1.578 million.
Hutchison Telecommunications Australia shares rose marginally to A$0.16.


Updated : 2021-06-14 17:42 GMT+08:00