Shares of Hutchison Telecommunications Hong Kong Holdings Ltd. dropped on Wednesday, after the telecommunications carrier said it swung to a loss in 2022.
The stock has slumped as much as 6.7% so far in morning trade, and was last down 6.0%.
The selloff came after Hutchison Telecom late Tuesday posted a net loss of 158 million Hong Kong dollars (US$20.1 million) for 2022, compared with a profit of HK$4 million in 2021. Revenue also fell 9% due to lower sales of hardware devices and products.
The company attributed the loss to the weaker top-line reading, as well as “higher network operating costs stemming from the group’s focused efforts on the expansion and enhancement of 5G network coverage.”
