Hutchison posts $552m profit
Hutchison Telecommunications says its merger with Vodafone Australia has been completed, and has posted a rise in first half profit.
HTA and Vodafone completed their merger on June 9, creating a 50-50 partnership called Vodafone Hutchison Australia.
HTA said it posted a net profit of $552 million for the six months to June 30, comprising five months of results for its 3 brand and one month of an equity-accounted result for VHA.
VHA said it expected continued mobile broadband subscriber growth in a challenging economy.
Chief executive Nigel Dews said in a statement that a major focus for management would be to integrate the two businesses.
Revenue for the first half grew by 19.4 per cent to $912.5 million, while earnings before interest, tax, depreciation and amortisation rose by 12.8 per cent to $97.8 million.
Post-merger, VHA had a customer base of 6.31 million, 55.5 per cent of whom were post-paid clients.
VHA was cash flow positive for the first half and would remain so for the full-year, excluding merger costs, Mr Dews said.
"We are particularly pleased with our growth in mobile broadband subscriptions and we see great potential for growth in this area," he said.
Non-voice revenue increased by 45.2 per cent to $303 million, representing 33.8 per cent of average revenue per user (ARPU) of $63.
AAP
