It’s been a slog, but nearly five years following the launch of its first 3G network in the UK, Hong Kong conglomerate Hutchison Whampoa said that its 3 Group had posted revenues of HK $ 59.9 billion ($7.7 billion) for 2007, an increase of 18 percent from the previous year. Earnings before interest, tax, depreciation and amortisation were HK $1.2billion ($154 million) in 2007, against a loss of HK $7.5bn ($964 million) a year earlier, while operating losses fell to HK $17.94 billion ($2.3 billion) from HK $20 billion ($2.5 billion) a year earlier. The company predicted positive monthly earnings before interest and tax “on a sustainable basis’’ in the second half, and expected to see it make a full-year profit in 2009, Bloomberg reported. Chairman Li Ka Shing even mused that the 3 Group which the company has spent some $25 billion to build out “may become our most profitable and fastest-growing business.” As of March 26, the 3 Group has 15.8 million 3G subscribers spread throughout its operations in the UK, Italy, Australia, Sweden, Denmark and Austria, a slight increase from 14.8 million subscribers in August. Hutchison has also appointed Goldman Sachs to advise it on the sale of 3 Italia—which it said has attracted a number of potential buyers.

SEE ALSO: Hutchison May Sell Up In Italy; Fuels Talk Of Exit From UK Market