China Mobile 2014 Profit Drops

reported a 10% drop in its 2014 net profit. China Mobile's net profit for the year slipped to CNY109.3 billion (US$17.5 billion), versus a year-ago profit of CNY121.7 billion. Its total revenue gained 1.8% to CNY641.4 billion, while revenue from telecommunications services declined 1.5% to CNY581.8 billion. At the end of December, the company had 800 million subscribers. For the fourth quarter, China Mobile's net income declined 12% to 26.7 billion yuan ($4.3 billion), while sales slipped 4.2% to 160.2 billion yuan. The company proposed a final dividend of HK$2.92 per share. China Mobile shares gained 2.29% to close at $67.39 yesterday.