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China Telecom's H1 profit down 8.3%

Aug. 23, 2012 (China Knowledge) - China Telecom<0728>, the nation's largest fixed-line operator, has announced yesterday that its net profit fell 8.3% YoY to RMB 8.81 billion in the first half of this year.

The company's operating revenue rose 14.8% YoY to RMB 138.02 billion in the first six months. No interim dividend was proposed.

The telecom carrier saw its number of 3G users surge 40.4% in the period, and the growth rate was higher than the 31% increase of China Mobile Ltd<0941> and the 34% increase of China Unicom (Hong Kong) Ltd<600050><0762>.

The company's capital expenditure rose 22.32% YoY to RMB 25.65 billion in H1.

Meanwhile, China Telecom announced plans to acquire Code Division Multiple Access (CDMA) assets from its state-owned parent, China Telecommunications Corp, for RMB 84.6 billion, which is expect to trim costs in the long term.

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