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China Unicom 2016 profit plunges 94 pct, in line with company estimate
March 15, 2017 / 8:55 AM / 8 months ago

China Unicom 2016 profit plunges 94 pct, in line with company estimate

HONG KONG, March 15 (Reuters) - Chinese state-owned telecommunications network operator China Unicom Hong Kong Ltd said on Wednesday net profit fell 94 percent last year, as expected, due to a rise in operating and marketing costs.

Profit fell to 630 million yuan ($91.16 million) from 10.56 billion yuan in 2015. In January, the company said it expected 2016 profit to slide 94 percent. Revenue fell to 274.20 billion yuan from 277.05 billion yuan.

The telco blamed the decline on additional operating and support expenses after disposing of network signal towers, as well as a substantial increase in sales and marketing costs.

China Unicom is in the first batch of state-owned enterprises marked for a pilot mixed-ownership programme. ($1 = 6.9110 Chinese yuan renminbi) (Reporting by Sijia Jiang; Editing by Christopher Cushing)

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