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China Unicom says 9-month profit to plunge 80 pct
October 18, 2016 / 9:40 AM / a year ago

China Unicom says 9-month profit to plunge 80 pct

HONG KONG, Oct 18 (Reuters) - China Unicom Hong Kong Ltd said on Tuesday it expected profit for the nine months to September to slide more than 80 percent, weighed down by higher selling and marketing expenses.

In a statement to the Hong Kong stock exchange, the company forecast its nine-month profit at 1.6 billion yuan ($240 million), down 80.6 percent from a year earlier.

For September alone, it said it expected its net addition of fourth-generation (4G) subscribers to reach approximately 6.05 million.

In August, China Unicom said its first-half profit plunged 80 percent to a 16-year low, as the country’s second-largest telecom service provider racked up heavy expenses to market its 4G network.

Shares of China Unicom closed down 0.1 percent on Tuesday, lagging a 1.6 percent rise in the benchmark Hang Seng Index .

$1 = 6.6685 Chinese yuan Reporting By Anne Marie Roantree; Editing by Subhranshu Sahu

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