View all newsletters
Receive our newsletter - data, insights and analysis delivered to you

China Unicom profit boosted by sale of CDMA business

Telecoms product sales grew 76%

By CBR Staff Writer

China Unicom has reported a 58.2% jump in net income to CNY 33.91 billion ($4.9 billion) for fiscal 2008, compared to CNY 21.4 billion ($3.1 billion) in 2007, on revenue down 1.2% at CNY 148.9 billion ($21.7 billion).

It attributed the jump in profit to a one-time gain of CNY 26.1 billion ($3.8 billion) related to the disposal of its CDMA business to China Telecom. Operating income fell 70.1% to CNY 8.1 billion ($1.1 billion), and EBITDA was down 6.5% at CNY 66.9 billion ($9.7 billion). Diluted EPS grew 53.8% to CNY 1.43 ($0.20).

The company said GSM revenue grew 3.4% to CNY 64.7 billion ($9.4 billion, while fixed-line revenue Fell 5.3% to CNY 82.5 billion ($12.1 billion), and telecoms product sales grew 76% to CNY 1.6 billion ($241.9m).

Chang Xiaobing, chairman and chief executive at China Unicom, said: Looking forward to 2009, the company plans to capture every opportunity in 3G business development, further expanding its subscriber base, optimizing subscriber structure, and facilitating the development of upgrading fixed-line and mobile communications in order to realize the objective of creating new advantages through consolidation to achieve new developments in 3G.

Content from our partners
Why food manufacturers must pursue greater visibility and agility
How to define an empowered chief data officer
Financial management can be onerous for CFOs, but new tech is helping lighten the load
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
THANK YOU