China Telecom Corporation has posted fourth-quarter revenues of RMB56.2 billion (USD8.5 billion), up 5.1% year-on-year. Net income for the three months ended 31 December 2010 came in at RMB2.7 billion. The company’s results were boosted by a 61% increase in its mobile subscriber base; China Telecom Corp ended the year with 90.5 million wireless customers, of which 12.3 million were 3G users. The operator also said it plans to boost capital expenditure in 2011 to RMB50 billion, up from RMB43.04 billion in 2010, as it expands its broadband infrastructure. China Telecom Corp had 63.5 million broadband subscribers at the end of 2010, and is aiming to sign up another twelve million this year.
In related news, China Telecom Corp has revealed plans to buy the wireless network it currently leases from its parent. The network is valued at around RMB90 billion, although a final price has yet to be fixed. The transaction is due to take place before the end of the year.