Netcom to See Huge Growth of TurnoverTian Suning, president of China Netcom, indicated on June 13 that his company might double, if not triple, its turnover this year, along with the business expansion of its two large clients-Bank of China and China Mobile. According to the earlier estimation of Morgan Chase & Co., the income of China Netcom may hit US$65 million by the end of March next year.Half of the company's turnover is expected to come from data communication this year while last year the proportion was only 25 percent, and the rest came from the sale of telephone cards which had low marginal profits. China Netcom currently is negotiating with an international telecom company on the formation of a cooperative league, but cooperation doesn't involve the exchange of stock rights. Tian predicts that relevant cooperation agreements should be published next month. As reported China Netcom raised a fund of US$325 million early this year, and 8 percent of the company's shares are held by US investment bank Goldman Sachs, the press group of Murdoch, a media tycoon, and eight individual investors. By PD Online staff member Deng Gang |
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