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China Telecom posts 7.5 pct rise in H1 profit on 4G growth
August 23, 2017 / 5:00 AM / 3 months ago

China Telecom posts 7.5 pct rise in H1 profit on 4G growth

HONG KONG, Aug 23 (Reuters) - State-owned telecommunications operator China Telecom Corp reported on Wednesday a 7.5 percent rise in first-half profit, as it added fourth generation (4G) mobile subscribers.

Profit rose to 12.54 billion yuan ($1.88 billion) for the six months ended June from 11.67 billion yuan a year earlier. Revenue rose 4.1 percent to 184.1 billion yuan.

China Telecom said it grew its 4G mobile network subscriber numbers by 30 million from the end of last year to 152 million. The 4G penetration rate among its mobile customers reached 66 percent.

Chairman and chief executive officer Yang Jie said in a statement that China Telecom is “deeply devoted to engaging in 5G standard formulation and technology trial runs”. He said the 5G network field trial will be conducted in six cities.

China Telecom is among China’s state-owned telcos bracing for revenue pressure this year after the government called for a series of rate-reduction initiatives. ($1 = 6.6600 Chinese yuan renminbi) (Reporting by Sijia Jiang; Editing by Muralikumar Anantharaman)

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