Operator results - 25/03/06

China Netcom posted 2005 net profit of $1.7bn (+415%) on annual revenues of $10.9bn, up 4.4%. EBITDA increased by 10% to $5.1bn.

China Telecom reported 2005 net profit of $3.5bn (almost flat), while revenues rose 5% to $21.1bn. Revenues from local services were flat at $10bn and revenues from Internet and value-added services rose to $3.5bn (+38%).

China Unicom announced 2005 net profit of $608m, up 12%, on revenues of $10.7bn, up 10%. GSM revenues rose 9.5% to $6.4bn while profit rose 6% to $900m. CDMA business reported loss of $35m. Capex should rise 25% to $ 2.7bn in 2006.