China Telecom says profit down 6.5 percent

Associated Press Published: April 27, 2012
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BEIJING (AP) — China Telecom Ltd., one of China's three major state-owned phone carriers, says its quarterly profit fell 6.5 percent amid tougher competition.

China Telecom said Friday its profit for the three months ending March 31 was 4.3 billion yuan ($682 million). Revenues rose 15.7 percent to 67.9 billion yuan ($10.8 billion).

The company cited intensified competition with rivals China Mobile Ltd. and China Unicom Ltd. and the need to roll out new mobile services.