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

By Chester YungFeaturesDow 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.

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.

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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.

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(END) Dow Jones Newswires

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