China

China Unicom Expects 168.4% Increase in Net Profit for First Nine Months of 2017 to RMB 1.3 Bln

Summary:

  • In a statement to the Shanghai Stock Exchange, China Unicom (CHU.NYSE/600050.SS) has said it expects its net profit for the first nine months of 2017 to increase 168.4% to RMB 1.31 billion compared with the same period of 2016 .
  • EPS for the same period is estimated to be RMB 0.062.

Why It Matters:

  • China Unicom explained that the increase in net profit was mainly due to a decrease in marketing expenses and terminal subsidies.
  • The number of the company’s 4G users increased by 55.73 million during the first nine months to 160 million; the number of mobile users increased 13.04 million in the same period to 277 million.
  • For the first nine months, income from China Unicom’s main businesses increased 4.1% year-over-year to RMB 187.9 billion; income from the company’s main mobile businesses increased 6.7% year-over-year to RMB 117 billion.