China Mobile posts 13% profit gain
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China Mobile has more than 129 million subscribers.
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HONG KONG, China (CNN) -- China's biggest mobile phone operator, China Mobile (Hong Kong) Ltd, has met expectations in posting a 13 percent rise in first-half net profit to 17.47 billion yuan ($2.11 billion).
The company said Tuesday the result was "satisfactory", noting revenue in the six months to June 30 rose 39 percent to 76.7 billion yuan ($9.26 billion) compared with the same period in 2002.
That came after China Mobile (HK) bought eight wireless networks from its parent in July 2002. On a like-for-like basis, revenue was up 9 percent.
China Mobile now has 129.1 million subscribers, making it the world's biggest mobile phone company by users, ahead of Britain's Vodafone.
Earnings before interest, tax, depreciation and amortization rose 35 percent.
The company said it maintained its leadership in mainland China, despite intensified competition from No. 2 carrier China Unicom and the impact of SARS in parts of its service area.
But chairman Wang Xiaochu said the outlook was for even more intense competition to China Mobile's GSM network, stemming from the expansion of CDMA networks and the Xiaolingtong (Little Smart) city-based handyphone services.
Shares in China Mobile are 0.26 percent higher in Hong Kong afternoon trade at HK$19.55.
