Saturday, March 29, 2008

Hutchison Whampoa net up 53% on lower losses in 3G business

Hutchison Whampoa Ltd<13>, the ports-to-telecom conglomerate controlled by Hong Kong business giant Li Ka-shing said on Thursday its net profit for 2007 fiscal year rose 53% as losses declined in its third-generation (3G) mobile business.

By last year end, the company reaped a profit of HK$30.6 billion, up from HK$20.03 billion a year earlier.

However, the figure failed to hit the median forecast of HK$32.81 billion made by 12 analysts in a Thomson Financial survey.

Revenue added 15% to HK$308.8 billion, compared with HK$267.7 billion of 2006.

Losses in its 3G business narrowed to HK$17.94 billion before interest and taxes from a loss of HK$20 billion a year earlier.

The company Board proposed a final dividend of HK$1.22 a piece, unchanged from last year's level.

Hutchison has a wide range of investment, including ports, retail, property, energy, infrastructure and telecoms.

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