China Mobile鈥檚 profit takes a beating
Print Edition
CHINA Mobile’s net profit fell over 10 percent in 2014, the biggest drop since 1999, because of higher 4G network investment and related marketing expenses, the world’s biggest mobile carrier said yesterday.
The telco posted a 10.9 percent drop in net profit to 109.3 billion yuan (US$17.6 billion). The revenue rose 1.8 percent to 641.4 billion yuan. Its 4G user base reached 90 million, 9 percent of its total user base of 800 million.
“We are facing severe challenges from intense competition,” Chairman Xi Guohua said in a statement.
“Competition among traditional operators focusing on existing customers and business and data traffic will deepen further, with a more diverse range of competitors in a more complex competitive landscape.”
Hong Kong-listed China Mobile tumbled 3.29 percent to HK$100.10 (US$12.90), compared with a 1.45 percent surge in the Hang Seng Index.
The competition is set to heat up after its smaller domestic rivals received FDD-LTE 4G licenses in February.
China Unicom and China Telecom were awarded licenses for the FDD-LTE technology, which analysts said could help the two telcos expand business and challenge China Mobile’s dominance.
Unicom plans to spend 100 billion yuan to upgrade its network and on promotions to woo more 4G users this year, the country’s No. 2 mobile carrier said recently.
Unicom Chairman Chang Xiaobing said the telco aims to attract about 100 million 4G users by the end of this year.
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