China Telecom first-half net drops 4% from year earlier

HONG KONG (MarketWatch) — China Telecom Corp. Thursday reported a 4% decline in first-half profit due to a sharp decline in the number of its fixed-line customers. Net income fell to 11.61 billion yuan ($1.69 billion), or 0.14 yuan a share. Operating revenues were flat at 90.43 billion yuan. During the six-month period ended June 30, China Telecom lost 5.44 million access lines, bringing the total number of lines serviced to 215 million. The company added 4.3 million broadband subscribers, taking the total number of Internet service customers to 39.95 million. China Telecom shares tumbled 4.7% in Hong Kong.
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