High interest rates and restructuring costs left mobile network business Three Ireland (Hutchison) Ltd with a €31 million loss in 2024, new figures show.
The company, owned by Hong Kong-based, Cayman Islands-registered multinational CK Hutchison Holdings, operates Three Ireland, one of the Republic’s leading mobile phone networks.
Accounts recently filed for 2024 show that it lost €31.2 million that year, improving on a €36.2 million shortfall in 2023.
The Irish business paid a €42 million dividend to immediate parent Hutchison Europe Holdings Telecommunications, according to directors Frank Sixt and Robert Finnegan.
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The figures show revenue grew almost 2.5 per cent to €630.4 million in 2024 from €613.2 million the previous year. Operating profit rose 50 per cent to €36 million from €24 million over the same period.
An interest bill of more than €76 million left the company with a pretax loss of €38.5 million, but a €7.3 million tax credit cut this deficit.
One-off restructuring and inflation increased costs to €421 million from €414 million, according to Mr Sixt’s and Mr Finnegan’s report.
The accounts show it paid €9.5 million severance during the year. Staff numbers fell to 1,199 from 1,353 in 2023.
Excluding the severance bill, Three’s wages, social insurance and pension costs fell to €101.8 million from €105.7 million.
Higher rates and an adjustment stemming from the sale of assets resulted in 2024’s interest bill of €76 million, up from €60 million the previous year, the report adds.
A capital restructuring wiped out intercompany borrowing, boosting net assets at the end of 2024 to €1.36 billion from €508 million 12 months earlier, the directors note.
They expected revenue and margins to continue growing through 2025 while the repayment of intercompany debts should cut interest costs.
“During the year the company continued its roll out of 5G equipment,” they say. “By year end, 1,497 sites (2023: 1,284) had been upgraded.”
“5G” is industry jargon for fifth generation, the latest version of mobile technology.
In June 2025, Three Ireland appointed Elaine Carey as chief executive, promoting her from chief commercial officer. Her predecessor, Mr Finnegan, became deputy chairman of CK Hutchison Group Telecom Holdings Ltd.
Directors say they continued to monitor energy costs and inflation through 2025.
