Hutchison books FY14 loss, driving FY15 growth

Company News

Hutchison Telecommunications Limited (ASX:HTA) has booked a full year loss but forecast Vodafone Hutchison Australia’s strong second half to continue into this year.  
 
Though Vodafone Hutchison Australia, a 50:50 joint venture with Vodaphone Group, lost a total of 46,000 mobile customers over last year it was less than 1.2 million who left the year before. 
 
Hutchison’s Chairman Canning Fok believes the JV is well positioned for growth with the continuing geographic expansion of the network and an increasing retail presence. 
 
Hutchison says its share of the JV’s net loss included in its results was $301.8 million in 2014, bigger than a loss of $245.6 million the year before. 
 
The company has attributed the loss to an accelerated depreciation on network assets and says management’s focus on turning the company towards profitability is working. 
 
No dividend has been declared.