Telco’s earnings drop
Source: AP |
April 29, 2015, Wednesday
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Print Edition
Print Edition
CHINA Telecom, one of the country’s three main state-owned phone operators, yesterday said its quarterly profit fell 9 percent from a year earlier due to tax changes and a rise in personnel costs.
The Beijing-based company said it earned 5 billion yuan (US$806 million) in the three months ended March 31. Revenue fell 2.1 percent to 81.4 billion yuan.
The telco said its profit suffered a “negative impact” as the business tax on the industry was replaced with a value-added tax. Spending on personnel rose 16 percent.
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