Summary Box: China Telecom says first-half profit up 0.8 pct on growing Web, mobile businessesBy AP
Wednesday, August 25, 2010
Summary Box: China Telecom 1H profit edges up
RESULTS: China Telecom Ltd. posted a nearly 1 percent rise in profit for the first half of the year as its Internet and mobile businesses grew, though demand for traditional service weakened further.
BOTTOM LINE: The country’s biggest fixed-line carrier said profit for the six months ended June 30 edged up to 9.08 billion yuan ($1.3 billion) from 9 billion yuan a year earlier.
WHAT’S DRIVING IT: China Telecom’s traditional fixed-line business has eroded as customers opt for mobile service. It is promoting Internet access and other services and acquired a mobile business as part of a government-directed 2008 industry restructuring to boost competition and industry development.