Hutchison Whampoa, the Hong Kong telecommunications company that recently won the "A" 3G licence in Ireland said its earnings in H1 fell from HKD7.18 billion (€0.92 billion) to HKD5.95 billion (€0.76 billion).
Despite the fall, the figure still came in higher than market expectations for earnings of HKD4.7 - 5.04 billion.(€0.60 - €0.65 billion).
In a statement issued with the results, the company said the drop reflected a continuation of an unsettled economic global environment characterised by unprecedented volatility in global equity and credit markets.
Despite this difficult environment, the Group said, it had benefited from expansion activities undertaken last year and more recently.
While Hong Kong remains the Group’s principal base of operations, in view of the current difficult economic environment it is expected that the Group will focus more on opportunities in Europe, Mainland China and other Asian countries in the near term.
Hutchison Whampoa was the winner in the Irish contest for third-generation (3G) mobile phone licences in June, when agreed to pay €50.7 million over 15 years for the licence.
The Hong Kong-based conglomerate is the most aggressive proponent of the new technology, which enables firms to offer a range of internet and video services to mobile devices has also won 3G licences in Britain, Italy, Sweden, Denmark and Austria.