October 29, 2012 / 4:11 AM / 5 years ago

China Telecom Q3 net profit falls 7 pct, matches estimates

HONG KONG, Oct 29 (Reuters) - China Telecom Corp Ltd , the smallest of the country’s three mobile carriers, posted a 7 percent drop in quarterly net profit, matching estimates, due to higher spending on handset subsidies after it started selling Apple Inc’s iPhone this year.

China Telecom posted a net profit of 3.8 billion yuan ($603 million) in July-September, according to Reuters calculations based on nine-month earnings data released on Monday.

That compares with an average estimate of 3.8 billion yuan in a Reuters poll of six analysts and a profit of 4.046 billion yuan a year earlier.

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