China Unicom 2012 profit jumps by two-thirds
Updated: Thursday, 21 Mar 2013, 5:19 AM EDT
Published : Thursday, 21 Mar 2013, 5:19 AM EDT
HONG KONG (AP) — State-owned phone company China Unicom says 2012 profit jumped by more than two-thirds as revenue from third-generation mobile services surged.
China Unicom said Thursday it earned 7.1 billion yuan ($1.1 billion) last year, up 68 percent from 2011.
The Beijing-based company's revenue rose 19 percent to 249 billion yuan ($40 billion).
Unicom said revenue grew rapidly as it expanded its 3G and fixed line broadband internet services. The company's upbeat results come amid intense competition for customers with state-owned rivals China Mobile and China Telecom.
Chinese phone carriers have faced tougher conditions since Beijing restructured the industry in 2008 into three groups, each with mobile and fixed-line assets, to boost industry development.
Unicom said it added 20 percent more mobile subscribers last year, bringing the total to 293.3 million.
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