China Telecom reports 48% fall in quarterly net income

21 Oct 2009

China Telecom has reported third quarter net income of RMB2.4 billion (USD350 million), representing a 48% fall year-on-year. The company said the decline was due to increased migration from its core fixed line services to mobile services, an increase in customer acquisition costs for its own wireless services, and increased competition from rivals China Mobile and China Unicom. Fixed line subscribers fell by almost five million during the quarter to 194.4 million, while its broadband customer base grew by 2.4 million to 51.5 million. The greatest growth was achieved at its wireless business, where customer numbers soared 7.5 million to 46.8 million.

China, China Telecom Corporation