China Telecom 9M net profit grows by 24.7%

25 Oct 2021

Chinese full-service provider China Telecom has published its results for the first nine months of 2021, registering operating revenue of CNY329.2 billion (USD51.6 billion) – up from CNY292.6 billion in 9M 2020 – and operating profit of CNY28.3 billion, up 10.2% year-on-year. Net profit for the nine month period stood at CNY23.4 billion compared to CNY18.9 billion in the previous year, bolstered by lower financing costs and higher income from investment. Mobile service revenue totalled CNY140.5 billion, representing an increase of 6.3% y-o-y, with the growth driven by increases in subscriptions, in particular 5G Package subscriptions. Telecom claimed 155.54 million 5G package subscriptions as at 30 September 2021 – of a total of 369.66 million mobile subscriptions – compared to 64.80 million and 349.35 million a year earlier. In the fixed broadband segment, meanwhile, China Telecom reported a total of 167.64 million subscriptions compared to 156.75 million in September 2020, whilst revenue from broadband access services rose by 6.8% y-o-y to CNY56.9 billion.

China, China Telecom Corporation