China Communications Services profit rises 0.6pc to 3.6b yuan

Shares of China Communications Services (0552) dropped more than 3 percent despite the announcement that its 2024 net profit rose 0.63 percent to 3.61 billion yuan (HK$3.87 billion).

The company declared a final dividend of 21.87 fen.

Revenues amounted to 150 billion yuan, up 0.9 percent year-on-year.

Gross profit margin climbed 0.1 percentage points to 11.7 percent from a year ago.

Telecommunications infrastructure services contributed a revenue of 75.17 billion yuan, representing a yearly decrease of 1.3 percent, mainly due to certain customers’ cautious investment and the company’s proactive control of low-value projects. 

Revenue from business process outsourcing services amounted to 43.46 billion yuan, down 0.2 percent year-over-year, while revenue from applications, content and other services reached 31.37 billion yuan, up 8.4 percent. 

Its stock plunged 3.5 percent to HK$4.43 at one point.

STAFF REPORTER