Operator results N55

China Mobile reports net profit is rising 18% to $5.1bn boosted by acquisitions and

subscriber growth.  Revenues were $ 23.2bn, up 21%, and EBITDA was $12.9bn, up 16%.

Its ARPU continues to fall to $11.1 vs. $12 a year earlier. CMHK had 204m subscribers at

the end of 2004. SMS and WAP revenues grew to 16% of total revenues in 2004. 2005

Capex is set at $7.8bn (flat vs.2004) and at $6.5bn in 2006.

Telemig (Brazil) posted 4Q04 net profits of $11.8m, up 288%, EBITDA of $ 39.4m, down

22%. Revenues were down 6% to $106.7m. 2004 revenues were $431m, up 5.2%, while

EBITDA was $ 178.7m, down 2%. Telemig currently has 2.8m mobile subscribers.

Hutchinson Telecom (HK) announced $1.93bn in 2004 turnover, up 48% with growth

driven by strong increase in India. Underlying operating profit was $ 71.7m. Its proforma

net loss was $157m (vs. loss of $27m last year). Its customer base grew 47% to 12.6m

as at 12/04. India accounts for 47% of total revenues (7.2m mobile subscribers) and

Hong Kong accounts for 43%.

Telecom Argentina posted a 4Q04 net loss of $60m, narrowing a year earlier net loss

of $146m. 2004 net loss was $227m vs. a net profit in 2003 of $ 120m.

Swisscom reported 2004 revenues of € 6.56bn (almost flat) and net income of €1bn,

up 1.6%. Its EBITDA was down 2% to € 2.87bn. 2005 capex will be around €780m.