April 15, 2009
Three reduces its mobile phone losses in the UK to £152m
3, the “next generation” mobile phones operator, manage to reduced its losses in last year.
Pre-tax losses in the year to December 2008 narrowed from £1.4 billion five years ago to £152 million, and down from £791 million a year ago. Revenues at the group, owned by Hutchison Whampoa of Hong Kong, jumped 18 per cent to £1.5 billion.
3, which has 8 per cent of the British market, with 4.9 million customers, has faced problems since it launched in 2003. A strategy based on securing high-spending customers through gimmicks such as video-calling flopped and the group was forced to lure customers with cheap tariffs.