China Telecom net doubles on Internet growth, The Standard, 1 Apr 2005

“China Telecom, the Hong Kong-listed unit of the country's biggest fixed-line operator, said net profit doubled in 2004 thanks to the growth in its broadband Internet business, which is likely to remain an earnings driver as it cuts back investment in mobile services. China Telecom's broadband subscribers increased by 6.61 million or 91.4 percent to 13.84 million last year, and Internet service accounted for almost 10 percent of its operating revenue. Wang said the planned 55.8 billion yuan capital expenditure this year will mainly be spent on transforming existing networks, including building a second Internet Protocol backbone.�

Full story at http://www.thestandard.com.hk/stdn/std/Business/GD01Ae02.html