Telco posts 9% profit fall
Print Edition
China Mobile Ltd, the world’s biggest phone carrier by subscribers, said its latest quarterly profit tumbled 8.7 percent due to tougher competition.
Profit in the three months ended September 30 was 28.4 billion yuan (US$4.5 billion), down from 31.1 billion yuan a year earlier, the state-owned carrier said.
“The group experienced severe difficulties and challenges arising from increasingly complex competition,” China Mobile said in a statement.
China restructured its phone industry in 2008, creating three carriers each with a mix of mobile and fixed-line assets, to spur competition and innovation.
Since then, China Mobile and rivals China Telecom Ltd and China Unicom Ltd have suffered lower profit margins.
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