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China Telecom net slumps 37% in 4th quarter

(Agencies)
Updated: 2008-03-31 15:02

China Telecom's booth at the Beijing Communication Exhibition 2007 on October 10, 2007. The company posted a 37 percent fall in its fourth-quarter net profit on Monday.[Asianewsphoto]

China Telecom Corp Ltd, the larger of the country's two fixed-line operators, posted a 37 percent fall in its quarterly profit on Monday, as China consumers increasingly turn to mobile phones over fixed-line telephones.

China Telecom posted fourth-quarter net profit of 6.44 billion yuan ($917.67 million), compared to 10.19 billion yuan a year earlier, according to Reuters calculations.

The result lagged a forecast of seven billion yuan, according to Reuters Estimates.

China Telecom posted a full-year net profit of 23.7 billion yuan, compared to a slightly revised 27.24 billion yuan a year earlier. That result lagged a forecast for 24.26 billion yuan, according to Reuters Estimates.

It said on Monday it had agreed to buy Beijing Telecom from its parent for 5.56 billion yuan.

China is increasingly turning to mobile phones over fixed-line telephones, which has been reflected in more modest earnings for fixed-line operators China Telecom and smaller rival China Netcom Group Corp.