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    2018-03-29  08:53    Shenzhen Daily

China Telecom profit up on user growth

CHINA Telecom Corp., the country’s third-largest telecom operator, yesterday reported a 3.3 percent rise in net profit for 2017 on growing subscriber numbers.

Net profit was 18.62 billion yuan (US$2.97 billion), beating an average estimate of 17.35 billion yuan, according to 20 analysts polled. Revenue rose 3.9 percent to 366.2 billion yuan, matching an estimate of 366.88 billion yuan. China Telecom said its 4G mobile subscriber numbers rose to 182 million after it added 60.17 million subscribers in the year.

ICBC profit rises 4.7% as margins improve

INDUSTRIAL and Commercial Bank of China Ltd. (ICBC) yesterday said its fourth-quarter net profit rose 4.7 percent, the quickest pace of growth for the period in at least four years, helped by improving margins.

ICBC, one of the world’s biggest banks by market capitalization and assets, posted a net profit of 58.1 billion yuan (US$9.3 billion) for the three months ended December, versus 55.5 billion yuan a year ago. That was the fastest pace of growth since 2014. ICBC’s net interest margin rose to 2.22 percent at end-December, from 2.17 percent at end-September.

Fosun posts fastest profit growth in four years

ACQUISITIVE Chinese conglomerate Fosun International’s full-year profit jumped 28.2 percent to a record high, marking its fastest growth in four years.

Fosun, which owns Club Med and a stake in Cirque du Soleil within its broad portfolio, achieved net profit of 13.16 billion yuan (US$2.1 billion) last year, up from 10.27 billion yuan in 2016. That helped it to its biggest annual net profit rise since 2013, according to company data.

China Mengniu returns to black

CHINA Mengniu Dairy Co. said it returned to profit in 2017, helped by low raw milk prices and solid sales growth for its milk and yogurt products.

Mengniu’s net profit came in at 2.05 billion yuan (US$326.5 million), compared with a loss of 751 million yuan in the prior year when its unit Yashili International Holdings booked a heavy impairment loss on its goodwill. Revenue rose 11.9 percent to 60.16 billion yuan. Gross profit margin increased 2.4 percentage points from a year ago to 35.2 percent amid relatively low raw milk prices.

 

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