China Telecom Reports Doubled Net Profit, Associated Press, 31 Mar 2005

“China Telecom Corp., the country's largest fixed-lined telephone operator, said Thursday its net profit doubled last year after it restated its financial statements. China Telecom's net profit rose to 28.0 billion Chinese yuan (US$3.4 billion; euro2.6 billion) in 2004 from 13.9 billion yuan a year earlier. Revenue rose to 161.2 billion yuan (US$19.5 billion; euro15.1 billion) from CNY151.5 billion…China Telecom Chairman Wang Xiaochu said the company will reduce its capital expenditure on its wireless local access service but will allocate more resources to developing its broadband and internet-based networks.�

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