Hutchison Telecom Australia (ASX:HTA) raised its net profit 386.8% to $467.7 million in 2009, after merging with operating subsidiary Hutchison 3G Australia, with Vodafone Australia.
Hutchison realised a profit of $587.3 million from the sale of its 50% interest in the subsidiary, which operates under the 3 brand.
But the company posted a net loss of $119.6 million before gain on the merger – nevertheless a $43.5 million improvement on 1H09.
Vodafone-Hutchison Australia meanwhile ended the year with 6.9 million customers.
Under the merger agreement, Hutchison 3G Australia acquired a 100% stake in Vodafone Australia, while trading 50% of its own stock to the Vodafone Group.