ASIAN EARNINGS
China Telecom Corp. – Co. posted 1Q12 profit at RMB 4.27 b (USD 677 m), a 6.5 percent decline over RMB 4.57 b a year ago. The number missed analyst estimates of RMB 4.45 b, as the introduction of Apple Inc.’s iPhone increased costs to add subscribers to its wireless unit. Revenues came in at RMB 67.9 b, 16 percent rise over RMB 58.7 b and also exceeded estimates of RMB 67.3 b. The company’s subscriber base rose to 135.8 m for March with 43.6 m 3G users. (Bloomberg)
PetroChina – Co. reported 1Q12 net income at RMB 39.2b vs. expected RMB 34.8b. (NY Times)
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