China Mobile shares slump following largest profit drop since 1999
US$9 billion erased from market value as shares in Hong Kong slide 3.3 per cent, the most since September
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Beijing
CHINA Mobile Ltd saw US$9 billion erased from its market value after the company posted its largest annual profit drop since 1999 amid rising spending on a new high-speed network.
Shares in Hong Kong slumped 3.3 per cent, the most since September. Net income dropped 12 per cent to 26.7 billion yuan (S$6 billion) in the fourth quarter, according to figures derived from annual results that the Beijing-based company reported on Thursday.
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