3 cuts losses by 45%

Hutchison Whampoa’s 3G operation, the 3 group, narrowed its losses by 45 per cent last year, according to figures released Thursday.

Chairman of the Hong Kong company, Li Ka-shing, said that the group’s loss for 2006 dropped to HK$20bn (Eur1.9bn) from HK$36bn in 2005. 3’s revenue for the year grew 35 per cent to HK$50.6bn.

The company’s 3G customer base currently totals over 14.7 million worldwide and Ka-shing maintains that 3 will continue to narrow its losses this year in line to meet its target of breaking even in 2008