Tue. Apr 23rd, 2019

China Telecom earns 2,783 million euros in 2018, 14% more

China Telecom earns 2,783 million euros in 2018, 14% more

The state telecommunications company China Telecom won 21.21 billion yuan (3.158 billion dollars, 2.783 million euros) in 2018, 13.9% more than the previous year thanks to having "seized the opportunities of the development boom of the economy digital".

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In a statement sent to the Hong Kong Stock Exchange detailing its results for 2018, the board of directors affirms that it "responded effectively" to the "complicated and challenging" environment and "fierce competition", which allowed China Telecom "reach a new level in terms of competitiveness and position in the market".

The third Chinese telephone operator billed a total of 377.124 million yuan (56.156 million dollars, 49.488 million euros), representing an increase of 3% compared to the figure of 2017, a rate that "has exceeded the average of sector for many consecutive years ".

Its gross operating result (EBITDA) was 104.2 billion yuan (15.515 billion dollars, 13.673 billion euros), 2% more, while the total debt was reduced by 8.3% to 95.744 billion yuan (14,256 million dollars, 12,563 million euros).

The company's total liabilities also recorded a reduction of 4.5% to stand at 319.283 billion yuan (47.541 billion dollars, 41.896 million euros).

The state company obtained 53.04 million new customers for its mobile telephony services in 2018, totaling 303 million, of which 242 million (60.39 million more than in 2018, the "fastest growth" in history of China Telecom) use the services of fourth generation networks (4G), that is, 80% of the total.

On the other hand, in terms of broadband services, the increase was 12.26 million customers, for a total of 146 million.

Looking ahead, China Telecom sets its sights on fifth generation networks (5G), a subject on which it is noteworthy that it opened an Innovation Center, and notes that, thanks to the fact that it obtained a license to carry out tests on 5G networks, " will accelerate the deployment of 5G proactively and pragmatically. "

However, the state firm shows caution due to the external environment and increased competitiveness in the domestic market, so its "top priorities" will be "transform the development model and seek high quality development."


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