China Mobile profit down 8.7% over tougher competition: firm
APBEIJING--China Mobile Ltd., the world's biggest phone carrier by subscribers, said its latest quarterly profit tumbled 8.7 percent due to tougher competition.
October 23, 2013, 12:08 am TWN
Profit in the three months ended Sept. 30 was 28.4 billion yuan (US$4.5 billion), down from 31.1 billion yuan a year earlier, the state-owned carrier said.
“The group experienced severe difficulties and challenges arising from increasingly complex competition,” China Mobile said in a statement.
Beijing restructured China's phone industry in 2008, creating three carriers each with a mix of mobile and fixed-line assets, to spur competition and innovation.
China Mobile's revenue for the quarter rose 11.3 percent to 159.9 billion.