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China Telecom Corp.’s net profit for the first nine months of the year fell 3.4% on year, mainly due to a sharp drop in investment income.
Net profit decreased to 18.39 billion yuan ($2.60 billion), as investment income and income from investments in associates fell 50%, China Telecom 728, -0.29% said Monday.
The company made a one-off share dilution gain from the listing of China Tower Corp. 788, +1.21% in the same period last year, it said.
For the first nine months, revenue ticked down 0.8% to CNY282.83 billion, but service revenue was up 2.5% at CNY271.48 billion, as the company had a net add of mobile users of 27.43 million.
China Telecom said it is commencing the co-building of a 5G network with China Unicom 762, +0.38%, which will help rapidly create 5G service capability at lower network construction and maintenance costs.
