Hutchison Essar doubles customer base in India
Hutchison Telecom International Ltd returns to first-half profitability riding on its fast growing India operations.india Updated: Aug 16, 2006 23:06 IST
Even as it is embroiled in a bitter battle with its Indian partner over the merger of BPL (Mumbai) circle into the JV Hutchison Essar, Hong Kong based Hutchison Telecommunications International Ltd, returned to first-half profitability, mainly riding on its fast-growing India operations.
Hutchison Essar was the largest revenue contributor with a share of 45.22 per cent out of its global turnover HK$ 15,666 million ($ 2 billion).
The India operations reported a first-half revenue rise of 51 per cent to HK $7085 million (about $ 1 billion or Rs 4671 crore) while its customer base doubled to 17.5 million, a 108 per cent year-on-year growth.
The EBITDA increased to 46.7 per cent to HK$ 2,316 million (Rs 1386 crore).
Hutchison Telecom has attributed the improvement in its profitability in H1 to strong performances in India and Israeli markets.
"Hutchison Essar, the Group's Indian business reported excellent results in the first half of 2006. Record customer growth fuelled by Hutchison Essar's aggressive network expansion and the introduction of several new tariff plans were the key drivers for growth in the period.
Turnover increased to HK$ 7,085 million, an increase of approximately 51 per cent year-on-year which mirrored the doubling of the customer base and the integration of BPL operations in Maharashatra, Tamil Nadu and Kerala (BPL Circles) since January 2006," the company said in a statement in Hong Kong.
First Published: Aug 16, 2006 21:54 IST