China Telecom posts 24.5% net profit growth in IV quarter

The annual report released by China Telecom, a Chinese state-owned telecommunications company, pointed to an increase in its financial performance. Thus, a net profit of 25.95 billion yuan rose by 24.5% in twelve months. The reporting period ended with revenue of 439.6 billion yuan, up 11.7% year-on-year. The company also notes a significant increase in the number of users of mobile communications provided by China Telecom. This indicator reached 372 million people at the end of the reporting period. It is also reported that over 50% of this number are users of 5G networks. Growth to 170 million people at the end of last year was demonstrated by the number of users of broadband Internet access. The market value of the Chinese telecommunications company has grown by 10.4% since the beginning of the year. Tuesday trading in Hong Kong ended with the growth of its shares by 3%.

Source: xCritical.com