China Telecom Q1 net profit falls 9% after tax reform
Published Tue, Apr 28, 2015 · 05:18 AM
[BEIJING] China Telecom's quarterly net profit fell 9 per cent from a year ago to 5.05 billion yuan (S$1.08 billion), hurt by the introduction of China's new value-added tax which replaced a flat rate tax.
The smallest of China's three carriers said first-quarter revenue fell 2.1 per cent to 81.45 billion yuan, although the number of subscribers rose by 3.2 million to 189 million.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Billionaire Geiger is said to near US$7 billion L’Occitane buyout
HCA beats first-quarter profit estimates on higher patient admissions
US FDA approves Pfizer’s gene therapy for rare bleeding disorder
EU toughens rules on Chinese fashion retailer Shein
Best World under fire from shareholders at AGM over dividends, director salaries
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years