Hutchison Telecom Hong Kong Holdings has announced strong financial results for the first half of 2023, with service revenue experiencing remarkable growth of 15 percent, reaching HK$1,793 million.
The company attributes this surge in revenue to the lifting of travel restrictions worldwide, which has significantly boosted roaming service revenue by 68 percent, amounting to HK$235 million during the same period.
While the company reported a loss of HK$19 million, it also saw a notable increase in EBITDA, rising by 5 percent to HK$727 million in the first six months of 2023. This growth in EBITDA was primarily driven by an increase in total margin. However, higher network operating costs associated with the Group’s investments in expanding and enhancing its network infrastructure partially offset the gains.
Hutchison Telecom Hong Kong’s customer base expanded by an impressive 13 percent, currently standing at approximately 3.4 million as of June 30, 2023, compared to approximately 3.0 million during the same period last year. This significant improvement can be attributed to a rise in the number of prepaid customers, reflecting the company’s ability to attract a diverse range of subscribers.
The company’s focus on 5G Broadband and other services has resulted in a noteworthy increase in its 5G penetration rate, which rose by 18 percentage points to 38 percent compared to the same period last year. This demonstrates the growing adoption of 5G services among its customer base.
Furthermore, Hutchison Telecom Hong Kong’s postpaid ARPU (Average Revenue Per User) saw a significant boost, rising by 12 percent to HK$180. This surge in ARPU was primarily driven by increased revenue from corporate solutions and roaming segments, which gained momentum during the first half of the year.
The positive financial results and the company’s expanding customer base reflect Hutchison Telecom Hong Kong’s effective strategies and adaptability in the evolving telecommunications landscape. With the increasing adoption of 5G services and a strong foothold in the market, the company is well-positioned to capitalize on future growth opportunities.
