China Telecom’s profit soars nearly 10%
Print Edition
CHINA Telecom’s net profit surged nearly 10 percent year on year in the first nine months as it paid lower interconnection fees to China Mobile while its fixed-line business boomed.
Between January and September, China Telecom’s net profit was 16.17 billion yuan (US$2.64 billion), up 9.8 percent from a year ago. Revenue rose 2.3 percent to 243.61 billion yuan in the period.
The company has benefited from favorable regulatory policies including a cut in interconnection fees it pays to connect to China Mobile’s network from this year.
The number of fixed broadband subscribers also rose nearly 8 percent to 105.7 million as it benefitted from national policies like Broadband China, China Telecom, the country’s No. 3 mobile carrier, said.
But the telco lost about 4 million mobile subscribers in the nine months as it faced a strong fight from rivals on 4G. China Telecom’s mobile user base 182 million by September.
In the period, China Mobile grew 4G networks and reduced 4G charges to expand its share of the domestic mobile market, the world’s biggest.
China Telecom, which started 4G services in around 16 cities from July, is now testing them in 40 cities nationwide.
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