China Unicom (Hong Kong) Ltd. said Thursday its first-half net profit surged 31.9%, surpassing market expectations, due to strong growth in the number of subscribers of third-generation mobile services and data usage.
The country's second-largest mobile operator by subscribers said its net profit for the six months ended June 30 rose to 3.43 billion yuan ($541.86 million) from a restated CNY2.62 billion a year earlier, outperforming its main rivals, which had announced first-half results over the past two weeks. China Mobile, the biggest domestic mobile operator, reported that net profit rose by a marginal 1.5% to CNY62.20 billion over the same period, while China Telecom, the third largest mobile player, reported an 8.3% drop in net profit to CNY8.81 billion.
China Unicom's net profit was well above the average CNY2.62 billion forecast by 33 analysts polled by Thomson Reuters.
A surge in popularity of accessing the Internet through mobile devices contributed to a 34% jump in the number of users of 3G mobile services at China Unicom in the first half. As of July, it has a subscriber base of 60.62 million 3G users, compared with China Mobile's 68.98 million and China Telecom's 53.81 million.
Consequently, China Unicom reported a 2.8% rise in monthly average revenue per user--a key performance barometer for telecom firms--for 3G and earlier-generation mobile services to CNY48.1 in the first half. However, ARPU for its 3G services fell 21.9% to CNY91.8.
Revenue rose 20% to CNY121.69 billion from a restated CNY101.42 billion, below the average CNY123.66 billion forecast in the poll.
China Unicom didn't declare a dividend for its first-half performance, the same as last year.
Source: http://www.totaltele.com/view.aspx?ID=475827
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