Carol Chan: China Telecom net doubles on Internet growth

From The Standard:

China Telecom, the Hong Kong-listed unit of the country’s biggest fixed-line operator, said net profit doubled in 2004 thanks to the growth in its broadband Internet business, which is likely to remain an earnings driver as it cuts back investment in mobile services.

Net profit rose to 28.02 billion yuan (HK$26.39 billion) in 2004, from 13.9 billion yuan in 2003, which was restated after deducting an asset revaluation deficit of 14.83 billion yuan and the related tax impact arising from the purchase of 10 provincial networks from its parent. The net profit beat the market estimate of 24.9 billion yuan from analysts polled by Bloomberg.

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