China Telecom gains
Source: Agencies |
October 29, 2011, Saturday
|
Print Edition
Print Edition
CHINA Telecom's third-quarter profit rose 10 percent as its mobile phone business grew despite strong competition.
Profit for the three months ending on September 30 was 13.9 billion yuan (US$2.2 billion). Revenue rose 11.8 percent to 182.4 billion yuan, the Beijing-based carrier said yesterday. Mobile phone revenue nearly doubled to 10.1 billion yuan, despite competition from rivals China Mobile and China Unicom, while revenue for traditional fixed-line services declined.
China Telecom was long the country's dominant phone carrier but fell behind China Mobile as customer demand shifted to wireless services. That prompted the government to restructure the industry into three groups in 2008, each with mobile and fixed-line assets, to revive competition and speed industry development.
Profit for the three months ending on September 30 was 13.9 billion yuan (US$2.2 billion). Revenue rose 11.8 percent to 182.4 billion yuan, the Beijing-based carrier said yesterday. Mobile phone revenue nearly doubled to 10.1 billion yuan, despite competition from rivals China Mobile and China Unicom, while revenue for traditional fixed-line services declined.
China Telecom was long the country's dominant phone carrier but fell behind China Mobile as customer demand shifted to wireless services. That prompted the government to restructure the industry into three groups in 2008, each with mobile and fixed-line assets, to revive competition and speed industry development.
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