PHS withdraws the market, while China Telecom profits reduce18.3 billion
China Telecom disclosed its annual report on March 24, which showed that in 2008, excluding upfront connection fees, and excluding PHS factors for impairment of assets and natural disasters, the Company EBITDA (before interest, taxes, depreciation and amortization) profit was 85.889 billion yuan, which dropped 1.3 percent over the previous year. From the introduction of China Telecom, their initial installation fee was 2.022 billion yuan, natural disasters loss was 3.428 billion yuan, 2.838 billion yuan for the after-tax impact; Impairment of PHS Assets reached 23.954 billion yuan, which reduced 18.366 billion yuan after-tax.
Perspective on China Mobile 2008 annual report
China Mobile: sales in 2008 amounted to 412.3 billion yuan with an increase of 15.5%, 112.8 billion yuan net profit, which increased 29.6 percent compared with the volume in 2007. The total number of users reached more than 457 million, which increased 23.8% compared with the volume in 2007. However, on the annual report releasing, China Mobile shares fell 1.4 Hong Kong dollars with 2.1% decline. Hong Kong local securities analysts noted that China Mobile’s performance in 2009 is more important than in 2008, the 3G operations introduction and highly competitive business environment will make China Mobile face an unprecedented challenge.
One of Shanghai largest state-owned groups-SVA group is insolvent
Shanghai, one of the largest state-owned groups – SVA group had been in danger of insolvency.
The official website of SVA group revealed that the Group’s employees around the world are more than 25,000 people, in 2007 sales income reached 34.57 billion yuan, earned 2.58 billion U.S. dollars through exports, which ranks the top 100 among electronic information companies in China.
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