China Telecom net profits grow 14% in 2018

BEIJING - China Telecom, a leading mobile operator in China, reported a 13.9-percent year-on-year increase in net profits in 2018, the company announced Tuesday.

Profits attributable to equity holders totaled 21.2 billion yuan ($3.2 billion) last year, with basic earnings per share standing at 0.26 yuan, according to a company statement.

Operating revenue was 377.1 billion yuan, up 3 percent year-on-year, the statement said.

The company's mobile subscribers reached 303 million last year, a net increase of 53 million. The number of 4G subscribers hit 242 million, a net increase of 60.4 million.

Meanwhile, the company's wireline broadband subscribers grew 12.3 million to 146 million.

China's telecom sector continued steady expansion last year, according to data from the Ministry of Industry and Information Technology. The sector's revenue rose 3 percent year-on-year in 2018, with income from mobile data and Internet services, backed by the rapidly-expanding 4G network, up 10.2 percent.