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皇冠体育app Telecom net slumps 37% in 4th quarter

(Agencies)
Updated: 2008-03-31 15:02

皇冠体育app Telecom's booth at the Beijing Communication Exhibition 2007 on October 10, 2007. The company posted a 37 percent fall in its fourth-quarter net profit on Monday.[Asianewsphoto]

皇冠体育app Telecom Corp Ltd, the larger of the country's two fixed-line operators, posted a 37 percent fall in its quarterly profit on Monday, as 皇冠体育app consumers increasingly turn to mobile phones over fixed-line telephones.

皇冠体育app Telecom posted fourth-quarter net profit of 6.44 billion yuan ($917.67 million), compared to 10.19 billion yuan a year earlier, according to Reuters calculations.

The result lagged a forecast of seven billion yuan, according to Reuters Estimates.

皇冠体育app Telecom posted a full-year net profit of 23.7 billion yuan, compared to a slightly revised 27.24 billion yuan a year earlier. That result lagged a forecast for 24.26 billion yuan, according to Reuters Estimates.

It said on Monday it had agreed to buy Beijing Telecom from its parent for 5.56 billion yuan.

皇冠体育app is increasingly turning to mobile phones over fixed-line telephones, which has been reflected in more modest earnings for fixed-line operators 皇冠体育app Telecom and smaller rival 皇冠体育app Netcom Group Corp.