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Provisions behind fall at China Telecom
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Newspaper Article
Provisions behind fall at China Telecom
2000
Overview
Hefty provisions and write-offs led China Telecom Hong Kong, the listed arm of China's former monopoly, to report a 30 per cent decline in profits, from Rmb6.9bn in 1998 to Rmb4.8bn ($580m) in 1999. Without the provisions, China Telecom's net profit for 1999 would have been Rmb10.32bn, an increase of 45.6 per cent on 1998. The company's 1999 earnings, prior to provisions, were largely due to an increase in contributions from three newly-acquired wireless service assets. Together, China Telecom's revenues rose 46.6 per cent from Rmb26.34bn to Rmb38.62bn in 1999.
Publisher
The Financial Times Limited
