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China Unicom Q1 Profit Falls 4.2%

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China Unicom has revealed that its net profit for the first quarter fell 4.2% to 3.16 billion yuan ($510 million), as a result of the replacement of a previous business tax with a value-added tax (VAT).

Service revenue fell 5.6% to 60.26 billion yuan, mainly due to the impact of the VAT reform. Total revenue fell from 76.47 billion to 74.3 billion over the same period.

Mobile revenue took the brunt of the damage, declining nearly 10% to 36.62 billion yuan. Fixed line revenue by contrast grew 4.3% to 23.16 billion yuan.

Despite the revenue hit, China Unicom said its revenue structure continued to optimize during the first quarter. Original post at Telecom Asia

Wahengbam Rorrkychand

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