HONG KONG, Aug 23 (Reuters) - China Netcom Group Corp. (Hong Kong) Ltd. (0906.HK: Quote, Profile, Research), the country's No. 2 fixed-line phone firm, posted a 7.7 percent fall in first-half earnings on Wednesday as more users switched to mobile phones.
China Netcom (CN.N: Quote, Profile, Research), the smallest of China's big four telephone companies, said it earned 7.09 billion yuan ($889.8 million) for the six months ended June 30, versus a restated 7.688 billion yuan a year ago.
The result lagged a consensus forecast for 7.236 billion yuan, according to the average forecast of three analysts polled by Reuters.
China Netcom's shares climbed 8.4 percent in the first half of this year, lagging a 9.4 percent gain for the broader Hang Seng Index <.HSI>.
Analysts and industry leaders now hope Beijing will issue third-generation (3G) mobile licences in 2007, including one for Netcom, in a move that could jumpstart growth as the company diversifies from a fixed-line company to one that also provides mobile services. ($1=7.968 Yuan) |
