China Mobile reports first quarter results; 37% rise in profits
By Dusan Belic on Friday, April 25th, 2008 at 2:37 AM PST In Announcements, China Mobile
The world’s largest mobile phone operator by the number of subscribers, China Mobile (NYSE: CHL), reported first quarter results. As expected, they rock, again.
Highlights:
- Profits reached 24.1 billion yuan (US$3.4 billion), a 37% rise over the year-earlier.
- Net income jumped from 17.6 billion yuan the previous year to beat average analyst estimates of around 23.6 billion yuan.
- Sales rose 20% to 93.02 billion yuan.
- Total number of subscribers rose by a record 22.8 million to reach 392.1 million, suggesting that China Mobile added more than 7 million new customers a month.
- On the downside, ARPU fell from 85 to 82 yuan due to the mobile operator’s expansion into rural areas.
Finally, according to China Mobile’s CEO Wang Jianzhou, they managed to win subscribers from two fixed-line players, China Telecom and China Netcom, as more and more customers switched to mobile.
[Via: Bloomberg]
China is not only making money in world’s dense country CHINA but also in other countries like Pakistan where it has recently launched its services.
they are making so much money, but the fees are still high. lots of chinese are angry at them. they hope foreign mobile carriers will come in, so China Mobile will be forced to lower the rate.