Hutchison Australia reports full year loss, improves against fiscal 2007

Hutchison 3G Australia (H3G) has reported a net loss of AUD163.1 million (USD104.1 million) in its full year 2008 results, although it has improved its fortunes compared to 2007 when it posted a loss of AUD285.1 million. H3G claimed the improved performance came as a result of an increased market share in the face of increased competition in the Australian wireless sector, with the cellco’s subscriber base increasing by almost 500,000 to 2 million. Additionally subscribers to H3G’s mobile broadband service soared by 169.7% to 526,000, with the operator attributing the growth to the launch of pre-paid mobile broadband services in the fourth quarter. Earnings before interest, tax, depreciation and amortisation (EBTIDA) rose 75.4% to AUD200 million for the twelve-month period, while revenues increased by 23.1% year-on-year to AUD1.62 billion.