Unicom issues 2010 profits warning

31 Jan 2011

China Unicom has warned that its profit for 2010 is likely to be 50% less than last year due to the rapid increase in depreciation and amortisation, networks, operations and support expenses, as well as a huge jump in 3G handset subsidies. The company said that revenue increased, but declined to supply additional details of the results, which are not expected to be made public until March. The company is projected to report 2010 net income of RMB4.64 billion (USD703 million), according to the average of 20 analyst estimates compiled by Bloomberg.

China, China Unicom