Hutchison Telecom, which agreed last month to sell its India operations to Vodafone for $11.1 billion in cash, on Tuesday reported a 55 per cent jump in its India business turnover to 15,455 million Hong Kong dollars on the back of a 104 per cent jump in subscriber base to 23.3 million at the end of 2006.
HTIL said that 2006 was a landmark year for group's India operations -- Hutchison Essar, which reported "excellent results despite continued competition in the market and some downward pressure on pricing."
Hutchison's India earnings before interest, tax, dividend and amortisation rose 51 per cent to 4,900 million HK dollars.
The company's number of licences also grew to 22 circles from 13 out of India's total 23 circles in 2006. The remaining pending licence, for the circle of Madhya Pradesh, was also obtained in early 2007, it added.
The record growth of 104 per cent in its customer base was driven by aggressive network expansion together with the introduction of attractive product plans in prepaid and acquisition of Hutchison Essar Cellular Limited (formerly BPL Mobile Cellular Limited).
Operating profit before disposal of investments and other was 3,628 million HK dollars in 2006, an increase of 49 per cent.
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