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China Mobile net profit up 44.7%

(Agencies)
Updated: 2008-08-27 16:15

China Mobile Ltd said its first half to June net profit rose 44.7 percent to 54.8 billion yuan ($8.00 billion) from 37.91 billion yuan a year earlier as its subscriber base, value-added business and voice usage volume continued to grow rapidly.

Earnings growth was also boosted by a change in China's enterprise income tax rate, it said.

The mainland's leading wireless operator's first-half earnings exceeded analysts' expectations of 50.84-53.80 billion yuan.

Operating revenue rose to 196.46 billion yuan from 166.58 billion a year earlier.

Earnings before interest, taxes, depreciation and amortization rose 16.2 percent year-on-year to 104.36 billion yuan, while earnings per share rose 44.2 percent to 2.74 yuan.

Its net monthly increase in subscribers topped 7.5 million during the first half, giving it 415 million users at the end of June.

Revenue from value-added business rose 26.4 percent year-on-year to 52.99 billion yuan.

Total voice usage volume for the six months ended June was 1.16 trillion minutes, an average per user of 496 minutes.

Average revenue per user per month was 84 yuan.

Chairman and chief executive Wang Jianzhou said the restructuring of China's telecom industry announced by officials in May will create fresh opportunities for all players, allowing "optimization of current telecommunication network resources and the implementation of full-service operations.

"As the domestic economy continues to develop, the demand for telecommunications and information services will continue to increase," he said.

Wang said changes in the competitive landscape will occur as the restructuring of the telecom industry is completed and all players become full-service -- wireless and fixed-line -- operators.

The combination of continued economic growth, rising purchasing power, continued rural development and accelerated demand for service will create a huge market for the company, he said.

The board declared an interim dividend of HK$1.339 (17 cents) per share.