China Unicom Obtains Annual Net Profit of 4.57 bln Yuan

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Last updated at: (Beijing Time) Wednesday, April 02, 2003

China Unicom Obtains Annual Net Profit of 4.57 bln Yuan

China Unicom Limited (China Unicom) gained a net profit of 4.57 billion yuan (585 million US dollars) last year, China Unicom announced Wednesday in Hong Kong.

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China Unicom Limited (China Unicom) gained a net profit of 4.57 billion yuan (585 million US dollars) last year, China Unicom announced Wednesday in Hong Kong.

China Unicom's total operating revenue for 2002 reached 40.58 billion yuan (5.2 billion US dollars), representing an increase of 38 percent from 2001.

Yang Xianzu, chairman and chief executive officer of China Unicom said, the company faces further opening up of the telecommunications industry in China and the intensifying market competition.

According to him, China Unicom will seek to create a favorable external environment this year by adhering to its prevailing development strategies, namely establishing new mechanisms, constructing additional networks, adopting advance technologies, realizing high growth, and developing integrated businesses.

China Unicom aims to achieve breakthroughs in China's eastern provinces by nurturing certain provincial, city and regional branches to achieve high revenue growth and high profitability. The company will also seek to increase its market share of operating revenue and profit, and maintain growth in revenue and profit, he said.

Of the total operating revenue, revenue from the cellular business reached 31.76 billion yuan (4.07 billion US dollars), 48.9 percent up from that of 2001.

Revenue from the long distance, data and Internet businesses was 5.58 billion yuan (715 million US dollars), an increase of 68.6 percent from 2001.

Since the establishment of China Unicom in Hong Kong three years ago, the various major businesses of China Unicom have achieved high growth and generated sound operating results. The Board of directors recommends a final dividend in the amount of 0.10 yuan per share for 2002.

According to the company, by the end of 2002, China Unicom had a total of 43.114 million cellular subscribers, 38.623 million GSMcellular subscribers and 4.491 million CDMA cellular subscribers.

So far, China Unicom's long distance, data and Internet networks have basic national coverage within the Chinese mainland, and their transmission capabilities were further enhanced during 2002.

China Unicom's fiber optic transmission network further expanded in scale and coverage, covering 330 cities and regions in the Chinese mainland.

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