China Unicom H1 net profit up 4.5% on-yr

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SHANGHAI: China Unicom, one of the country’s top telecom firms, said Friday that net profit for the first half of 2015 rose 4.5 percent year-on-year even as revenue fell.

Net profit for the first six months of 2015 rose to 6.99 billion yuan ($1.09 billion) from the same period last year, the company said in a statement to the Hong Kong stock exchange, where it is listed.

“The Chinese government is now paying unprecedented attention to the promotion of the information and telecommunications sectors, which has created new opportunities,” chairman and chief executive Chang Xiaobing said in the statement.

On Friday before the release of the results, the company’s shares rose 3.24 percent in Hong Kong, but slumped 4.30 percent in Shanghai, where it is also listed.


China’s second-largest mobile operator said mobile broadband subscribers rose 6.8 percent to 157.79 million, accounting for more than half of total mobile subscribers for the period.

However, the company’s revenue in the first half dropped 3.3 percent year-on-year to 144.69 billion yuan.

“The company will also further accelerate the construction of high-quality broadband networks, expand the coverage of its 4G network… and speed up its fixed-line broadband network to support the company’s development,” Chang said.

AFP

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