China Telecom posts strong second quarter

25 Aug 2010

China Telecom Corp, the world’s largest fixed line telco by lines in service, has posted second quarter net income of RMB4.5 billion (USD668 million), up 22% year-on-year and ahead of analyst expectations. Sales for the period rose 6.1% to RMB54.8 billion. The results were boosted by a near doubling of subscribers at its mobile phone unit between June 2009 and June 2010. The company revealed that wireline subscribers fell to 181.07 million, but that broadband internet subscribers had grown 19% to 58.3 million. China Telecom plans to raise capital expenditure this year to RMB44 billion, up from 39 billion in 2009, as it increases investment in its broadband network.

China, China Telecom Corporation