China Tower, the world’s largest telecom tower firm, has reported operating revenue of CNY35.3 billion (USD5.13 billion) for the first six months of 2018, an increase of 6.2% from CNY33.3 billion in the year-ago period. Despite increases in financing costs and operating expenses net profit grew by 8.0% y-o-y to CNY1.2 billion. At the end of June 2018 China Tower owned and operated a total of 1.898 million sites with 2.785 million tenants – 1.879 million of which were tower sites, with 2.70 million tower tenants – equating to a tenancy ratio of 1.47, up from 1.44 at end-2017. Regarding the improvements in efficiency, Tower noted that it had been able to reduce construction cost by taking a ‘proactive approach to the sharing of existing and new site resources’ and, as such, 71% of new leases from the nation’s three telecom service providers, China Mobile, China Telecom and China Unicom, were served on a co-location basis. The operator added that it had also adopted a strategy of transforming public utility towers and poles into telecom towers.