ACCC -need to be held accountable, page-7

Vodafone Hutchison Australia has posted a half-year loss of more than $150 million, in its first financial results since the competition watchdog made its shock decision to block the proposed $15 billion merger TPG Telecom.But the company insisted performance had remained "stable in the face of significant headwinds", and said it was committed to the merger, which remains a possibility pending the outcome of a Federal Court challenge.

In the six months to June, VHA reported a loss of $153.4 million, a 66 per cent increase on the same period last year, when losses were just $92.3 million. The company is yet to turn a profit since it was established 10 years ago.The firm, a joint venture of Hong Kong-based CK Hutchison and UK-based telco giant Vodafone Group, saw revenue fall 1.7 per cent year on year to $1.738 billion.

Average revenue per user (ARPU) per month, a key measure for telco companies, also fell more than 5 per cent to $34.52.However, cost cuttings coupled with new accounting standards saw earnings before interest, tax, depreciation and amortisation, increase 14.3 per cent to $584.6 million.

“We continue to be committed to the merger with TPG, and we are pleased the case has been expedited with court proceeding due to start in September," he said.“The uncertainty surrounding the merger is our biggest challenge. We absolutely believe the merger is in the best interest of competition and consumers. With increased scale we would be able to invest even more in our service and products, and would be able to fast-track 5G."