BEIJING: China Mobile Ltd on Tuesday said net profit in the first quarter fell 9.5 percent to its lowest level in five years, as online messaging and call services such as Tencent Holdings Ltd's WeChat ate into profit.
The world's biggest mobile carrier by subscribers reported January-March net profit of 25.24 billion yuan ($4.05 billion), compared with 27.88 billion yuan a year earlier, for its third consecutive quarter of year-on-year decline.
Operating revenue rose 7.8 percent to 154.83 billion yuan ($24.86 billion), its biggest increase in three quarters but not enough to offset shrinking profit.
Shares of China Mobile closed 0.1 percent lower ahead of the results, in line with the benchmark Hang Seng Index.
Comments
Comments are closed.