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Hutchison Covers UMTS Losses With Exceptional Income

Posted on Thursday 19 August 2004

Hutchison Whampoa continues to cover mounting losses from its 3G cellular businesses by selling other assets. The company reported a net profit for the first half of the year of HK$12.5B on revenues of $81B. But Hutch also booked $15.1B in exceptional income, including the sale of a joint venture with Proctor & Gamble which brought in $13.8B.

Hutchison’s 3G businesses lost HK$8.92B during the first half of the year on revenue of $3.7B; the company’s subscriber base rose sharply to 3.2M users. For all of 2003 Hutch said its 3G businesses lost HK$9.67B on revenue of $2B.

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