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Hutchison AU boosts 2009 profit on Vodafone merger

Hutchison AU boosts 2009 profit on Vodafone merger

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.

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Tags Hutchison Australiavhafinancial resultsTelecommunications

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