March 19 China Telecom Corp Ltd, the smallest of China's three mobile phone network operators, has set its capital expenditure at 80.3 billion yuan ($12.97 billion) for 2014, slightly higher than 79.992 billion yuan in 2013 as it ramps up its mobile network.
Of the total capex of 80.3 billion yuan, China Telecom will spend 42.3 billion yuan to improve its mobile network, which is significantly higher than 29.359 billion yuan spent in 2013, according to the company's presentation prepared for its financial results.
The rest of the capex will go into other areas, such as broadband and Internet, according to the document.
Earlier on Wednesday, the carrier reported an 18.7 percent rise in fourth-quarter profit after rapid mobile sales growth pushed quarterly revenue to a record high. ($1 = 6.1920 Chinese Yuan) (Reporting by Yimou Lee in HONG KONG and Lee Chyen Yee in SINGAPORE; Editing by Anne Marie Roantree)