HONG KONG -(Dow Jones)- China Mobile (Hong Kong) Ltd. (CHL) Wednesday reported a 10% on-year rise in net profit for the first nine months, driven mainly by the addition of 10 provincial cellular networks it acquired from its parent in April.
Net profit at the listed unit of China's largest mobile operator was CNY28.90 billion (US$3.49 billion) in the nine months ended Sept. 30, compared with CNY26.20 billion in the same period of last year.
Operating revenue was CNY137.79 billion, up 17.9% on year.
EBITDA for the period rose 13.1% to CNY78.04 billion, while EBITDA margin was 56.6%, compared with 59% in the corresponding period of 2003.
Net profit margin slipped to 21% from 22.4%.
In April, China Mobile announced the purchase of 10 provincial cellular networks from China Mobile Communications Corp. for US$3.65 billion. As the transaction was formally completed in July, this is the first time the 10 networks have been included in the company's earnings results.
The transaction was the fifth time it had acquired a group of networks since its listing in 1997, and marked the final stage of an expansion to swell its subscriber base through the purchase of networks from its parent.
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Posted to the site on 20th October 2004
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