3 reduces losses as parent company lends helping hand

3 reduces losses as parent company lends helping hand

October 10, 2015

Mobile firm 3 managed to cut losses in the previous year to £841 million, which is an improvement on the £1.4bn loss in 2005.

Revenues increased by one third to £1.4bn.

The firm focused on signing users up to monthly deals rather than pay-as-you-go services.

The reduction in loss is partly credited to the firm’s Hong Kong parent company Hutchison Whampoa waving interest payment on loans.

The sale of eight data centres for £55 million profit also helped 3’s finances.

3 was criticised with giving one director rumoured to be Bob Fuller was paid one million pounds. Fuller has since been replaced with Kevin Russel.

3 itself made no mention in it’s 2006 financial report why the interest on the fees were waived, the absence of these fees reduced the tax credits 3 could claim.

Tim Yeo

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