Hutchison 3G is not likely to achieve growth targets for its recently launched telecommunications services that were reportedly contained in an internal business plan, analysts say. The Li Ka-shing controlled operator declined yesterday to address British media reports that it hoped to gain 5.2 million 3G subscribers - each spending an average of GBP50 pounds (about HK$616) per month - by 2005. 'The figures do not look right,' a company spokeswoman said in Hong Kong. 'I don't think we ever said any figures before.' She said the company only projected to break even on an ebitda (earnings before interest, taxation, depreciation and amortisation) basis by 2005. 'We are hoping to have one million subscribers in both Italy and UK by the end of 2003,' she said. According to yesterday's Financial Times, Hutchison - under its original business plan - had hoped to attract 400,000 users in Britain by the end of last year and 1.5 million customers by the end of this year. But glitches in its network and delayed handset deliveries have prompted the firm to pursue a low-key roll-out targeting 100,000 users in Britain and Italy by the end of the year. 'I don't think they can make this GBP50 [in average monthly subscriber spending] in a year or two,' said a Hong Kong-based telecoms analyst. The analyst was also sceptical about Hutchison's apparent original subscription targets. A successful launch will depend on 'the availability of attractive handsets and whether the services will be attractive enough for people to subscribe', the analyst said. 'We have to wait to see how many people are willing to pay for that, in terms of data services.' DBS Vickers Securities analyst Wallace Cheung said he expected Hutchison to have just 1.2 million to 1.5 million subscribers by 2005. 'The competition in the voice market is still too great. I think users are only willing to pay GBP20 for the service.' Kim Eng Ong Asia Securities analyst Edward Fung said a monthly fee of GBP50 was too high a price to introduce a new service to the market. 'The success of 3G very much depends on the applications. Services like video messaging and e-mails are not attractive enough.' But a successful launch meant Hutchison's stock price could rise to HK$72 compared with yesterday's close of HK$53.75, he said. Hutchison managing director Canning Fok Kin-ning recently said that 60,000 3G handsets had been delivered to Europe, with another 40,000 expected by year-end.