China Mobile profit up 1.5 percent amid rivalry

AP News
Posted: Aug 16, 2012 6:01 AM

BEIJING (AP) — China Mobile Ltd., one of the country's three major state-owned phone carriers, says its profit rose just 1.5 percent in the first half amid fierce competition and shifting customer demands.

China Mobile said Thursday it earned 62.2 billion yuan ($9.9 billion) in the first half. Revenue rose 6.6 percent to 266.5 billion yuan ($42.3 billion).

Chairman Xi Guohua said in a statement the company faces intensified competition and the impact of new technologies and services that are replacing traditional communications.