Hutch Boost

Mar 19, 2008 (LBO) – Subscribers of the Sri Lanka mobile unit of Hutchison Telecom doubled to more than a million in 2007, while revenue growth topped 50 percent, the group said in a statement. . Total subscribers had increased by 104 percent to 1,141,000 in 2007 while revenue measured in Hong Kong dollars grew 52.4 percent 189 million dollars (2.6 billion Sri Lanka rupees).

“Our Sri Lankan operations performed well in 2007 fuelled by our continued network expansion during the year and a series of efforts to enhance our sales and distribution network in the country,” the company said.

The company said earnings before interest tax depreciation and amortization was 52.5 percent higher at 93 million dollars compared with 61 million dollars a year earlier.

According to Sri Lanka’s telecom regulator mobile subscribers grew to 7.9 million at the end of 2007 from 5.4 million.

Hutch shares the market with Dialog Telekom, a unit of Telekom Malaysia which has a 60 percent share, and Tigo, a unit of Millicom International Cellular.

India’s Bharti has been given a license. It was originally expected to launch services this month, but the firm said the deadline has been pushed back