China Unicom First-Half Net Profit Up 69% at CNY2.42 Billion

By Chester Yung Features Dow Jones Newswires

China Unicom (Hong Kong) Ltd. (0762.HK) on Wednesday reported a 69% rise in net profit for the first half, thanks to strong demand for high-speed telecommunication services and reduced costs.

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The Chinese telecom operator said its first-half net profit rose to 2.42 billion yuan ($362.5 million) from CNY1.43 billion a year earlier, while its revenue fell slightly to CNY138.16 billion from CNY140.26 billion the previous year. The company didn't declare an interim dividend.

The mobile operator said its financial performance in the second half will face rising pressure amid intensifying competition and the termination of domestic long-distance and roaming fees from September.

Write to Chester Yung at chester.yung@wsj.com

(END) Dow Jones Newswires

August 16, 2017 05:13 ET (09:13 GMT)