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CHINA TELECOM'S PROFIT FALLS


AsiaInfo Services

08-30-2002

China Telecom's Profit Falls

CHINA, Aug 30, 2002 (AsiaPort via COMTEX) -- China Telecom's profit fell 64 percent last year as the unit of the country's biggest fixed-line phone company took charges in preparation for a share sale to raise US$5 billion, sources familiar with the offer said yesterday.

China Telecom Corp., which provides phone services in the country's richest provinces, plans to complete a share sale by October. Profit dropped to HK$6.5 billion (US$833 million) last year from HK$18 billion a year earlier, t

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