Vodafone Hutchison Australia (VHA) has posted a half-year loss of more than AU$150 million (US$103.1 million), in its first financial results since the competition watchdog made its decision to block the proposed AU$15 billion (US$10.5 billion) merger TPG Telecom.
But the company insisted performance had remained “stable in the face of significant headwinds,” and stated it was committed to the merger, which remains a possibility pending the outcome of a Federal Court challenge.
In the six months to June, VHA reported a loss of AU$153.4 million (US$105.4 million), a 66% increase on the same period last year, when losses were just AU$92.3 million (US$63.4 million). The company is yet to turn a profit since it was established 10 years ago.
The firm, a joint venture of Hong Kong-based CK Hutchison and UK-based telecom giant Vodafone Group, saw revenue fall 1.7% year on year to AU$1.738 billion (US$1.19 billion). Average revenue per user (ARPU) per month, a key measure for telco companies, also fell more than 5% to AU$34.52 (US$23.72).
Full Content: The Australian