Sun Hung Kai Properties

SmarTone forecasts jump in profit

PUBLISHED : Thursday, 15 July, 2010, 12:00am
UPDATED : Thursday, 15 July, 2010, 12:00am

SmarTone Telecommunications Holdings, which runs mobile-telephone networks in Hong Kong and Macau, expects 'a substantial increase' in net profit for the year to June 30 after posting a sharp loss in its previous fiscal year. In a filing with the Hong Kong stock exchange, SmarTone, a subsidiary of Sun Hung Kai Properties, said the positive gain stemmed from an 'improvement in general business conditions'. The operator saw its net profit a year ago plunge 85 per cent to HK$42.46 million, from HK$275.75 million a year earlier, owing to intense price competition in Hong Kong.