China Mobile 1H profit edges up just 1.5 percent

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Associated Press

Posted on August 15, 2013 at 1:05 AM

Updated Thursday, Aug 15 at 1:05 AM

HONG KONG (AP) — State-owned China Mobile says first half-profit rose just 1.5 percent as the world's biggest phone company by subscribers grappled with rising competition.

The Beijing-based company said Thursday that income in the January-June period rose to 63.1 billion yuan ($10.3 billion) on strong growth in wireless data revenue.

Operating revenue rose 10 percent to 303.1 billion yuan.

The company said the number of subscribers rose to more than 740 million.

Competition between China Mobile and its two state-owned rivals is intensifying as the three companies invest heavily in new, faster fourth-generation networks to support data-hungry smartphones and tablet computers.

China Mobile is at a disadvantage because its third-generation network technology doesn't support Apple's popular iPhone.

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