China Unicom has announced that its net profit fell 24% in 2006 to CNY3.73 billion, as the company booked a non-cash loss of CNY2.4 billion relating to a bond it issued last year. Excluding the non-cash loss, China Unicom would have posted a net profit of CNY6.13 billion, an increase of 24% from the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA), excluding the non-cash loss, was CNY31.69 billion. Revenue for the year stood at CNY94.29 billion, up 8.3% from a year earlier, with the GSM cellular business contributing CNY59.3 billion and the CDMA business CNY27.3 billion.
The company signed up a total of 14.57 million new subscribers last year, raising its customer base to 142.37 million, up 11.4% on a year earlier. GSM subscribers accounted for 105.87 million of the total, up 11.4%, while CDMA subscribers reached 36.49 million, up 11.5%.