Acquisitions boost Unicom profit

30 Apr 2004

China’s second largest mobile operator, China Unicom Ltd, has seen first quarter net profit jump 8.7% to CNY1.4 billion (USD169.1 million). The operator has put the increase down to the acquisition in December of nine provincial cellular networks from its parent company, China Unicom Group. Operating revenues for the three months to the end of March rose 22.6% to CNY19.59 billion (USD2.37 billion), thanks once again to the purchase of the new networks, which have added around eleven million new subscribers to take Unicom’s customer base to 85 million at the end of March.

Unicom’s larger rival, China Mobile (Hong Kong) Ltd, said this week that it too was acquiring a number of regional cellular networks from its parent company, taking its own subscriber base to above 150 million.

China, China Unicom