Loss on disposal
Hutchison Telecommunications International (HTIL), hit by a disposal loss in the first six months, says it has no immediate plans for further asset sales and expects to break even on the bottom line by the year's end.
'We are confident that for the full year of 2005, HTIL will get closer to a positive net income position,' said chief financial officer Tim Pennington, referring to the group's narrowing interim operating loss.
The emerging markets telecommunications arm of Hutchison Whampoa posted a $352 million interim net loss compared with a restated net profit of $793 million a year ago. The company sold its Paraguay mobile operations in May at a loss of $344 million but said its second half was unlikely to be affected by divestments.
Chief executive Dennis Lui Pok-man said HTIL maintained its double-digit, full-year growth targets for mobile customers and revenue. The company had a mobile subscriber base of 14.1 million in its seven markets as at June, up 30.9 per cent from a year ago.