China Mobile Net Profit Rises 23 Percent In 2006

China Mobile has announced a net profit rise of 23 percent in 2006, reports AP. The largest operator in China (and the world, by subscriber number) said that for 2006 it had a net profit of 66.03 billion yuan (US$8.54 billion) up from 53.55 billion yuan in 2005. This was on revenue of 295.36 billion yuan (US$38.2 billion), up from 243.04 billion yuan in 2005.
The carrier increased the total number of its subscribers by 21 percent in 2006 to 301 million — it’s adding almost 5 million subscribers a month. Half of the new additions come from rural areas, and China Mobile chairman and CEO Wang Jianzhou thinks there is a lot of potential there, noting the coverage is only 15 percent. China Mobile now controls 68 percent of the market.
Wang also said that China Mobile is keen to make more overseas acquisitions in developing countries similar to its recent announcement with Paktel, but hasn’t yet identified any specific targets.

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