Hutchison Telecommunications Limited
(ASX:HTA) has blamed network and customer services issues for a decline in first half profitability.
In the six months to June 30 the parent company of Vodaphone posted a loss of $78.2 million, slumping from a profit of $17.9 million the year before.
In the same period revenue fell 3 per cent to $1 billion while capital expenditure rose 30 per cent to $162 million.
However, the company believes it has now ''turned a corner'' having moved to address fixing network issues that has already seen 375,000 customers leave this year.
In the 2010 calendar year Hutchison Telecommunications reported a net profit of $73.4 million.
