Sale lifts profits at Hutchison

Hutchison is continuing to make a loss at its mobile phone operations

Hutchison Whampoa has reported a 53% rise in annual profits after a one-off sale offset continuing losses at its struggling mobile phone operations.

The Hong Kong-based ports-to-telecoms conglomerate said its 2007 net profit was 30.6bn Hong Kong dollars ($3.9bn; £2bn), up from HK$20bn in 2006.

The 2007 profit was boosted by HK$35bn from the sale of an Indian phone business to rival Vodafone.

Without this, Hutchison, which owns mobile firm 3, would have made a loss.

Hutchison - which is owned by billionaire Li Ka-shing - saw annual revenues rise by 15% to HK$308.8bn.

Losses at Hutchison's global third generation or 3G mobile phone operations came to HK$17.9bn, a slight narrowing from a loss of HK$20bn in 2006.