China Unicom expects 178% surge in 2017 net profit

BEIJING - Chinese telecom giant China Unicom expects its net profit in 2017 to surge 177.6 percent due to primary business growth, according to a company statement.

Net profit attributable to shareholders was estimated at 430 million yuan (about $68 million) last year, said the statement filed to the Shanghai Stock Exchange.

After deducting incidental losses resulting from asset retirement, the company expects its net profit to stand at 990 million yuan.

The asset retirement was part of the nationwide project by telecom firms to replace copper wires with optical fibers so that internet speeds and transmission capacity can be improved.

The company attributed the surging profit to solid growth in primary business, reduced marketing costs, and a lower base in the previous year.

China Unicom saw its revenue from primary business rise 4.6 percent to 249 billion yuan, with its 4G network subscribers increasing over 70 million to 175 million, according to the statement.