Net profit jumps 58% at China Unicom on back of CDMA network sale

31 Mar 2009

China Unicom has reported a 58% rise in annual net profit, boosted by exceptional gains from the sale of its wireless CDMA business. Unicom earned RMB33.9 billion (USD4.96 billion) in the twelve months ended 31 December 2008, up from a restated net profit of RMB21.4 billion in 2007. The consolidated net profit figure includes RMB27.57 billion from discontinued operations, deferred upfront connection fees of RMB890 million and consolidated basic earnings per share of RMB1.43. Revenue from continuing operations fell 1.2% in 2008 to RMB148.91 billion, while profit for the year (on the same basis) fell 68.6% to RMB6.34 billion. Adjusted EBITDA fell by 6.5% to RMB66.95 billion. At the end of 2008 Unicom claimed 133.365 million GSM subscribers, up 10.6% year-on-year, with an annual net addition of 12.8 million subscribers.

China, China Unicom