2nd UPDATE: Hutchison Telecom '09 Net Jumps; Restates '08 Results
04 Março 2010 - 10:38AM
Dow Jones News
Billionaire Li Ka-shing's Hutchison Telecommunications
International Ltd. (HTX, 2332.HK) wiped away roughly US$97 million
in profit from its 2008 financial results at the prodding of U.S.
regulators, a move its parent company said wouldn't affect its
US$545 million offer to take full control of the unit.
The move, disclosed Thursday as Hutchison Telecom reported its
2009 financial results, comes as a result of questions raised by
the U.S. Securities and Exchange Commission over how the company
accounted for the US$500 million sale of tower stations in
Indonesia. Last month, Hutchison Telecom unexpectedly delayed
releasing its 2009 results, citing the SEC inquiry.
The dispute had raised concerns that it could cause trouble for
the offer by its parent, Li's Hutchison Whampoa Ltd. (HUWHY,
0013.HK), to purchase the roughly 40% stake in Hutchison Telecom it
doesn't already own. The deal is being closely watched as a glimpse
into the investment strategy of Li, Hong Kong's richest man and
controller of a sprawling global empire that includes everything
from ports to drugstores.
"We have sought and received confirmation from the offerer that
the proposal for privatization remains unaffected by the decision
of the company to amend and restate its previously reported
accounts," Hutchison Telecom Chairman Canning Fok said in a
statement.
The 2008 restatement, combined with a one-time gain of 6.33
billion Hong Kong dollars (US$817 million) from the sale of its
Israeli unit, led to a quadrupling of its 2009 net profit compared
with 2008. Hutchison Telecom said its net profit rose to HK$4.94
billion from a restated HK$1.13 billion in 2008. Previously, it had
reported a 2008 profit of HK$1.88 billion.
The net profit came below the average HK$7.13 billion forecast
of three analysts polled by Thomson Reuters.
Investors had been banking on the company to pay out special
dividends from its cash reserves following a spate of earlier asset
disposals such as the sale of its mobile-phone assets in India and
Israel, but Hutchison Telecom said Thursday it won't pay a dividend
for 2009.
Hutchison Telecom's results illustrate the weakened business
that its parent has proposed to fully take over. Last year's profit
came entirely from discontinued operations, while its continuing
operations generated a loss of HK$2.59 billion.
What Li will do with the unprofitable leftovers of the company
has been the subject of speculation in Hong Kong. The telecom
company has in recent years disposed of crown jewel mobile-phone
assets in India and Israel and spun off its profitable Hong Kong
and Macau business, leaving a handful of Asian operations.
Hutchison Whampoa said in January that Hutchison Telecom's weakened
position made it "less suited to remain a publicly listed
entity."
Hutchison Telecom's 2009 earnings were boosted by a HK$6.33
billion disposal gain from the sale of its 51.3% stake in Partner
Communications Co. (PTNR, PTNR.TV) to Scailex Corp. (SCIXF,
SCIX.TV). Fok also said the company remains in talks with
state-owned telecommunications operator CAT Telecom Public Company
Ltd. to sell its Thailand operation.
-By Lorraine Luk, Dow Jones Newswires; 852-2802-7002;
lorraine.luk@dowjones.com
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