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China Telecom 2013 profit rises 17 pct, matches estimates
March 19, 2014 / 4:20 AM / 4 years ago

China Telecom 2013 profit rises 17 pct, matches estimates

BEIJING, March 19 (Reuters) - China Telecom Corp Ltd , the smallest of China’s three mobile phone network operators, matched analyst estimates by reporting a 17.4 percent on-year rise in net annual profit, which hit its highest in six years.

Net income reached 17.5 billion yuan ($2.83 billion) in 2013, China Telecom said on releasing its full-year earnings on Wednesday.

That compared with a 17.6 billion yuan SmartEstimate of 32 analysts surveyed by Thomson Reuters.

Operating revenue rose 13.6 percent to 321.6 billion yuan, a record high for the company.

Shares of China Telecom ended Wednesday morning trade down 1.57 percent ahead of the release, versus a 0.16 percent decline in the benchmark Hang Seng Index. ($1 = 6.1920 Chinese Yuan) (Reporting by Paul Carsten; Editing by Christopher Cushing)

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