Canning Fok said the 3G business actually was profitable in the second half of 2010.
Hutchison beat expectations with a 47 percent rise in 2010earnings, driven in part by a turnaround in its 3G telecom operations.
Net profit rose to HK$20.04 billion ($2.57 billion) in 2010 from HK$13.63 billion the year before, beating expectations. Revenue rose 8 percent to HK$325.92 billion.
Li said the conglomerate’s various businesses performed well even as the world’s major economies struggled to recover from the global financial crisis.
The company operates retail, property, energy, infrastructure and telecom operations in over 50 countries.
Hutchison marked a major milestone as its 3G mobile phone business turned a profit, earning HK$2.93 billion before interest and taxes after a loss of HK$8.92 billion the year before. Its only 3G business to make a loss in the second half of 2010 was in Ireland.
Li said the 3G business, which has been losing money for years, “will no longer be a drag on profits and instead make a positive contribution.”
Also Thursday, Li’s flagship developer and conglomerate, Cheung Kong (Holdings), said earnings rose 35 percent to HK$26.48 billion.
