Mainland firms fall as earnings revealed

Business | Winnie Lee 23 Oct 2020

Shares of some mainland telcom companies and Vinda International (3331) fell after the announcement of third-quarter results.

China Telecom (0728) fell 5.36 percent to HK$2.47 yesterday after the company revealed its net profit rose 1.7 percent year-on-year to 18.71 billion yuan (HK$21.76 billion) for the first three quarters this year.

Operating revenues grew by 3.5 percent to 292.61 billion yuan from a year ago, of which service revenues were 280.87 billion yuan, representing an increase of 3.5 percent. The average mobile service revenue per user per month was 44.4 yuan while the decline rate was continuously narrowed.

Its peers China Unicom (0762) dropped 11.5 percent to HK$5.31 after rising 10 percent on Wednesday while China Mobile (0941) was also down by 2.7 percent to HK$5.5.

Meanwhile, shares of Vinda International slumped 15.87 percent to HK$22.8 after the tissue-maker said its third-quarter revenue fell 0.2 percent from a year ago.

Total net revenues plunged by 92.1 percent year-on-year to US$167 million. However, its shares rose 5.2 percent to HK$29.35 and Macau gaming shares rebounded.

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