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China Unicom 2008 Net Profit Up 58%

China Unicom Press Release, 3/31/09

China Unicom (NYSE: CHU; 0762.HK; 600050.SH) has announced its financial results for 2008, with consolidated revenues reaching RMB 171.24 bln, down 6% year-on-year.

Net income for the year came to RMB 33.91 bln, up 58% YoY.

During the year, the company generated revenue of RMB 65.25 bln from its mobile business, representing an increase of 4.3% over last year. Of this, service revenue accounted for RMB 64.70 bln. As of the end of 2008, Unicom had 133.37 mln GSM subscribers, representing an increase of 10.6% over the previous year, with an annual net addition of 12.80 mln subscribers. Revenue from wireless value-added services accounted for 24.9% of total mobile business revenue, representing an increase of 3.3 percentage points over 2007.

In 2008, the company recorded revenue of RMB 82.77 bln from its fixed-line business, representing a decrease of 4.4% over the previous year. Revenue from its fixed-line broadband and data communications businesses amounted to RMB 25.17 bln, an increase of 23.9% YoY. Revenue from its traditional fixed-line business was RMB 53.23 bln, representing a decrease of 12.3% YoY. As of the end of 2008, the company's fixed-line broadband subscribers reached 25.416 mln, representing an increase of 28.6% YoY, with an annual net addition of 5.65 mln subscribers. The number of local telephone subscribers was 100.15 mln, representing a decrease of 10.67 mln subscribers over the previous year.

To see China Unicom's full earnings report, please click here.

Keywords: mobile subscribers 0762.HK 2008 600050.SH broadband subscribers China Unicom CHU fixed-line subscribers GSM profit revenue telecom wireless fiscal report WVAS

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