Q1 profits fall for top mobile firms
Print Edition
CHINA Mobile and China Unicom posted net profit declines in the first quarter due to the influence of COVID-19 and huge investment in 5G, the carriers said yesterday.
China Mobile, the world’s biggest mobile carrier by subscriber base, posted net profit of 23.5 billion yuan (US$3.35 billion) in the first quarter, 0.8 percent down from a year earlier. Revenue fell 2 percent year on year to 181.3 billion yuan.
By the end of March, China Mobile had more than 946 million mobile accounts, including 31.72 million 5G users, according to the Hong Kong-listed firm.
China Unicom, the country’s second biggest mobile carrier, said net profit fell 13.9 percent to 3.17 billion yuan in the first quarter. Revenue grew 0.9 percent to 73.8 billion yuan.
By March, Hong Kong-listed China Unicom had 311 million mobile accounts.
But its 5G user base wasn’t revealed.
China plans to expand 5G coverage from around 50 cities in November last year to 330 cities this year.
Investment in 5G is estimated to hit US$130 billion to US$218 billion over the next five years.
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