China Telecom Full-Year Net Profit Drops 9.5%

China Telecom Corp

reported a 9.5% drop in its net profit last year. China Telecom's net profit for the year declined to 14.93 billion yuan (US$2.38 billion), versus CNY16.50 billion, in the year-ago period. Its revenue climbed 15.5% to CNY283.07 billion, versus a restated CNY245.07 billion in 2011. However, analysts were expecting a net profit of CNY14.92 billion. Its selling, general and administrative expenses jumped 29.4% to CNY63.08 billion. China Telecom shares closed at $50.33 yesterday.