China Mobile reported a 51 percent rise in Q2 profit, compared wi...
China Mobile reported a 51 percent rise in Q2 profit, compared with the year-ago quarter, due mainly to “strong economic growth, rising consumer purchasing power and the subscriber growth in rural areas,” the company said. It added 45.25 million…
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subscribers during the quarter, for a total of 415 million. On a half-yearly basis, net profit rose 44.7 percent to $8 billion, while sales were up 17.9 percent to $28.7 billion. The company will “actively search for quality overseas telecom assets as investment opportunities,” CEO Jianzhou Wang said in a conference call. Pali Research said expects positive cash flow for the rest of the year, it said. China Mobile plans to expand commercial trials of its TD-SCDMA-based 3G service to 38 cities in mainland China by June 2009, said Wang. The company is in Phase 2 of its 3G deployment, he said. The carrier will start buying equipment for Phase 2 in October, he said. Yet the company remains cautious about its outlook because Beijing’s restructuring of China’s telecom sector has changed the competitive landscape, the company said. Goldman Sachs believes the market underestimates China Mobile’s “3G responsibility and potential asymmetrical regulation risks,” it said.