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China Mobile profit surges
By Janet Ong
Updated: 2007-08-17 07:14
China Mobile Ltd's profit surged 29 percent in the second quarter as the
company added a record number of users, driven by gains in rural areas,
where lower-income residents were attracted by reduced charges.
Net income of the world's largest mobile phone operator by subscribers
rose to 20.3 billion yuan from 15.8 billion yuan a year earlier,
according to calculations based on the first-half earnings reported by
the Beijing-based company yesterday.
The company's shares fell 4.9 percent to HK$80.85, or 3.92 percent, in
Hong Kong.
China Mobile, whose 332.4 million users outnumber the US population, has
shifted focus from cities to smaller towns and villages, where there is
less competition. CEO Wang Jianzhou waived some charges to attract rural
residents, who make up three-quarters of China's 1.3 billion population.
"China Mobile has executed the rural strategy very well, and more than
half of the company's new subscribers are from the rural areas," said
Desmond Tjiang, who manages $1.3 billion in Asian equities at Fortis
Investment Management in Hong Kong, including China Mobile shares. "It's
the right move."
Sales are estimated to have risen by 23.5 percent to 88.9 billion yuan.
Rainie Lei, a spokeswoman at China Mobile, declined to comment on the
second-quarter numbers.
The company's stock has risen 53 percent in the past year, compared with
an 18 percent gain in the benchmark Hang Seng Index. China Mobile is the
world's 10th-largest company by market value.
Bloomberg News
(China Daily 08/17/2007 page14)
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