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China Mobile profit drops in first half as investment in 4G erodes margins
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CHINA Mobile Ltd posted today a net profit drop in the first half as the world's biggest carrier invested more in next-generation 4G technology and a government tax reform eroded its profit margin.
Net profit was 57.7 billion yuan (US$9.3 billion) in the first half, felling 8.5 percent year-on-year. Revenue reached 324.7 billion yuan in the period with a 7.1 percent growth.
China Mobile has spent more on promoting and enhancing high-speed 4G services and building 4G networks since it started 4G services at the end of last year as the first carrier to offer 4G services in the Chinese mainland, said chief executive Li Yue in a statement.
It offered users handset subsidies to promote 4G services, including iPhone 5s, with its 4G network in January.
By the end of June, China Mobile has 410,000 4G base stations to provide 4G services in 300 cities nationwide. Comparatively, small rivals China Unicom and China Telecom just started 4G services several months ago and only in limited major cities including Shanghai and Hangzhou.
China Mobile had 790.6 million subscribers at the end of June, including 238.5 million users of 3G services and 13.9 million on the 4G network.
China Mobile's results were affected by the new value-added tax imposed starting from June 1 and a reduction in connection fees from two smaller carriers.
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