China Telecom 2014 Profit Edges Higher

reported a rise in its net profit for 2014. China Telecom's net profit for the year surged to CNY17.68 billion (US$2.83 billion), versus a year-ago profit of CNY17.55 billion. Basic earnings per share came in at RMB0.22. Its revenue gained 0.9% to CNY324.39 billion, compared to CNY321.58 billion. Analysts were expecting a profit of 21 billion yuan on revenue of 331.6 billion yuan. Operating revenue rose 0.9% to RMB324.4 billion, while service revenue climbed 3% to RMB287.4 billion. China Telecom shares rose 1.26% to close at $61.69 yesterday.