China Unicom rings in soaring first-half profit
Print Edition
China Unicom posted better-than-expected first-half results with net profit soaring 55 percent, thanks to growing 3G mobile subscribers and data usage, the country’s No. 2 mobile carrier said yesterday.
China Unicom’s net profit reached 5.3 billion yuan (US$858 million) in the first six months, beating analysts’ expectations of 4.9-5 billion yuan.
Revenue grew 19 percent to 144.31 billion yuan, outpacing the rise in costs, China Unicom said. Mobile income hit 72.8 billion yuan, up 20.5 percent year-on-year.
The company’s 3G user base grew 73.9 percent YOY to 100 million in the period. The 3G-related revenue was 40.9 billion yuan, accounting for 56.2 percent of its total mobile income in the first six months, compared with 44.5 percent from a year ago.
The popularity of smartphones has boosted demand for data services, which often yield higher profit margins compared to traditional voice and message services, industry insiders said.
China’s smartphone sales jumped 108 percent YOY to hit 88.1 million units in the second quarter, accounting for 20 percent of global sales, according to Canalys, a US-based research firm.
Trading in China Unicom’s shares on the Hong Kong Stock Exchange was suspended late yesterday after China’s State-Owned Assets Supervision and Administration Commission briefly published the company’s results on its website.
Before the halt, China Unicom shares were up 2.7 percent to 11.54 Hong Kong dollars (US$1.49).
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