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March 31, 2011

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Telco sees plunge

CHINA Unicom Ltd said yesterday that its net profit for 2010 plunged 60 percent as it spent heavily to roll out third-generation services.

The telco's profit was 3.8 billion yuan (US$579 million) or 0.16 yuan per share for the 12 months ended December 31, the Beijing-based company said. That was down from 9.6 billion yuan or 0.40 yuan in 2009.

Revenue climbed 11 percent from 2009 to 171.3 billion yuan.

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