Three Ireland reaches milestone in Irish market

CIARA O’BRIEN

Mobile network Three Ireland said it earnings before interest, tax and depreciation broke even in the first half of the year, the first time it has done so since the company entered the Irish market.

That compared with a €15 million loss in the first six months of 2012.

Chief executive Robert Finnegan said the milestone was an important achievement for the company.

Three Ireland said it grew its customer base by 18 per cent year on year, showing continued growth for the business.

The company is currently seeking to buy O2 Ireland from rival Telefonica, in a deal that could be worth up to €850 million. The proposed acquisition must be approved by regulators, and could take several months to complete.

Three Ireland is owned by Hutchison Whampoa, a multinational conglomerate that has operations in a number of industries, including ports, energy and telecommunications.

The parent group today posted a 23 per cent increase in first-half net income to HK$12.4 billion (€1.21 billion), beating analyst estimates.