China Unicom reports Q1 profit drop

Source: Xinhua | 2020-04-23

China Unicom, one of the country's leading telecommunications operators, reported Wednesday a 13.9-percent year-on-year drop in its net profit in the first quarter (Q1) of this year.

Net profit attributable to shareholders stood at 3.17 billion yuan (about 447 million U.S. dollars), it said in a statement filed with Hong Kong stock exchange.

However, the figure increased by 110.1 percent from Q4 of 2019.

During the January-March period, its business revenue rose 0.9 percent year on year to 73.8 billion yuan.

Facing challenges posed by the novel coronavirus outbreak, the company said it has made use of new technologies like big data, artificial intelligence and 5G to support precise epidemic control, smart public administration and the resumption of work and production.