News Summary: China Telecom profit down

AP News
|
Posted: Aug 22, 2012 3:00 PM

THE RESULTS: China Telecom Ltd., one of the country's three major state-owned phone carriers, says first-half profit fell 8.3 percent.

FACTORS: Chinese phone carriers have been squeezed by intense competition and the high costs of installing new technology. China Telecom rolled out service for Apple Inc.'s iPhone in the first half, which it said would require increased spending on marketing but should "enhance long-term sustainable growth."

BY THE NUMBERS: The number of mobile subscribers rose 14 percent since the end of 2011 to 144 million, of which 51 million were subscribers to third-generation, an increase of 40 percent.