China Telecom Q1 profit down 17.1pc to 7.35b yuan

China Telecom (0728) posted on Thursday that its net profit dropped 17.1 percent year-on-year to 7.35 billion yuan (HK$8.42 billion) in the first quarter this year.

Its operating revenues inched down 2.6 percent to 132 billion yuan from a year ago, of which service revenues recorded 122.7 billion yuan.

Earnings before interest, taxes, depreciation, and amortization was 33.9 billion yuan.

During the period, the company's 5G network subscribers reached 314.13 million, with a net increase of 12.32 million members.

Compared to its overall 440.55 million mobile subscribers, the telecom giant's 5G services penetration rate increased to 71.3 percent.