China Telecom H1 profit declines
China Telecom Corp reported a 29 percent fall in net profit for the first half yesterday after the country's biggest fixed-line phone carrier said it incurred more costs for marketing its mobile-phone services.
Revenue for the six months rose 14 percent to 103.15 billion yuan. The company's net profit for the period fell to 9 billion yuan from 12.63 billion yuan a year back.
Wang Xiaochu, chairman and chief executive of China Telecom, said he expects business to recover next year.
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