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(London.CityRegions.com, March 26, 2013 ) England, U.K -- China's largest fixed-line carrier, China Telecom Corp, has reported its fourth-quarter profit that beat analysts' estimates as customers who are using Apple Inc. iPhone helped boost the overall sales for wireless data.
The Net income fell by 17% to 2.36 billion yuan from 2.84 billion yuan a year earlier, according to a statement released by the Beijing-based. The tally surpassed the mark that was thought to be certain by analyst estimates compiled through Bloomberg.
Wang Xiaochu, the company chairman, began the sales of subsidized iPhones in 2012, which helped the company lure subscribers in the battle over larger wireless carriers. China Mobile Ltd. And the China Unicom Ltd. China Telecom stated that devices would boost the long-term growth with what it described as “short-term pressure” on the profitability due to the promotion costs. The company stated that the mobile data traffic volume nearly tripled within since the start of 2012.
“Average revenue per user of 53.9 yuan was stronger than we expected on both the mobile voice and data side,” Lisa Soh, an analyst with Macquarie Group Ltd. in Hong Kong, wrote in a report today. The China Telecom company rose nearly a full percentage at 0.8% to close at HK$3.93 in Hong Kong trading. The stock has declined by 8.8% over the year, compared to the 1.8% drop in the Hang Seng Index. The sales within the fourth quarter did rise 17% to 73.1 billion yuan to sit the total at 62.6 billion yuan. That compares with the 73.2 billion-yuan average of six analyst estimates.
Following the releasing of the iPhone, the carrier reported three declines in quarterly profit.
“As China Telecom continues to focus on 3G expansion, we expect selling expenses, including handset subsidies, to remain at a higher level,” Cynthia Meng, a Hong Kong-based analyst with Jefferies Group Inc., wrote in a March 12 note to clients.
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Benjamin Wrights
4157669098
news@postpressrelease.com
Source: EmailWire.Com
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