3 Group Europe EBITDA up 9% to HK$18.94bn in 2016

    CK Hutchison Holdings (00001) said in its annual results announcement for the year ended 31 December 2016 that 3 Group Europe's EBITDA and EBIT in reported currency grew by 9% and 10% to HK$18,944 million and HK$12,838 million respectively. In local currencies, EBITDA and EBIT in 2016 increased by 15% and 17% respectively.
  Following the successful formation of the joint venture, Wind Tre, to jointly own and operate the telecommunication businesses of 3 Italy and WIND Acquisition Holdings Finance S.p.A., in November 2016, 3 Group Europe's active customers surpassed 45.9 million as at 31 December 2016, an increase of 76% compared to last year. Although the European currencies depreciation have led to a 1% lower revenue in reported currency against last year to HK$62,415 million, in local currencies, revenue increased by 5%.
  The strong uplift in earnings for 3 Group Europe was primarily attributable to the accretive two months contribution from the Wind Tre joint venture, which is now the largest mobile operator in Italy. All other 3 Group Europe operations also delivered promising results and underlying operational growth.