China Mobile’s H1 profit up 1.5% due to competition
Print Edition
China Mobile’s net profit in the first half rose by a mere 1.5 percent as the world’s biggest telco faces tough competition from smaller domestic rivals.
Meanwhile China Mobile is still “actively” talking with Apple Inc to make the next-generation iPhone support its network, Xi Guohua, the telco’s chairman, was cited by media as saying during a conference in Hong Kong.
“We are actively negotiating and both sides are keen,” Xi said. “There are still some commercial and technology issues that need time to resolve.”
In the first six months, China Mobile’s net profit totaled 63.1 billion yuan (US$10.3 billion). Revenue rose 10 percent to 303.1 billion yuan.
The telco faced challenges, including slower economic growth and keener competition in the industry, Xi added.
On the other hand, China Unicom, the country’s No. 2 mobile carrier, posted a jump of 55 percent in its net profit in the first half as it tapped the boom in wireless data services. China Unicom is one of the partners of Apple for the iPhone.
Apple’s CEO Tim Cook met Xi in Beijing last month, his second China visit this year, prompting hopes that a deal could be edging closer.
Apple declined to comment.
China Mobile put on trial a 4G TD-LTE (time division-long term evolution) network nationwide in 15 cities in 2012, and plans to expand that to 100 cities this year.
China plans to issue 4G licenses by the end of this year, the Ministry of Industry and Information Technology had indicated earlier.
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