China Mobile’s H1 profit dips, new head expected
Print Edition
CHINA Mobile’s net profit in the first half of the year dipped due to competition, while its user base surpassed 800 million for the first time by June with a quarter of them 4G users.
The world’s biggest mobile carrier is also set to announce a new head today as part of a new round of management reshuffle among Chinese state-owned telecommunication carriers, industry officials and media said yesterday.
In the first six months, China Mobile’s net earnings edged down 0.8 percent from a year ago to 57.3 billion yuan (US$9 billion). Its revenue grew 4.9 percent to 340.7 billion yuan in the period.
The popularity of mobile Internet boosted the development of China Mobile 4G services but the carrier is facing challenges from Internet firms‚ said Chairman Xi Guohua.
Tencent, which offers instant message services WeChat, has affected the income of mobile carriers’ text message and call services, analysts said.
At the end of June, China Mobile had 810 million users, up 3.4 percent annually, with 190 million using 4G.
Hong Kong-listed China Mobile closed at HK$98.15 (US$12.66) yesterday, compared with a 1.77 percent drop in the Hang Seng Index.
A top official from the Ministry of Industry and Information Technology is likely to be named the new head of China Mobile, media said yesterday. China Mobile declined to comment on the issue.
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