Hutchison telecom reports profit surge in 2007

Hutchison Telecommunications International Ltd. reported Tuesday its profit surged in 2007 on a one-time gain from the sale of its Indian unit.

The telecom services operator, 59.33 percent-owned by Hong Kong conglomerate Hutchison Whampoa Ltd., said its net profit rose to 66.88 billion Hong Kong dollars (8.6 billion U.S. dollars) in the 12 months that ended Dec. 31, up from 201 million Hong Kong dollars the previous year.

Its earnings included a gain of 69.34 billion Hong Kong dollars (9 billion dollars) from the sale of its 67 percent stake in Hutchison Essar Ltd. to British-based Vodafone Group PLC in May.

Hutchison Telecom's revenue decreased to 27.39 billion Hong Kong dollars (3.5 billion dollars) from 33.38 billion Hong Kong dollars in 2006.

The company didn't recommend a final dividend, same as last year.

Source:Xinhua/Agencies