Beijing • China Telecom Ltd., one of the country's three main state-owned carriers, said Wednesday its profit rose 11.8 percent in the first half of the year as its Internet and mobile data businesses grew.
The Beijing-based company earned $1.9 billion, or 2 U.S. cents per share, in the six months ended June 30. Revenue rose 5.3 percent to $27.2 billion.
Profits for China Telecom and its rivals, China Mobile Ltd. and China Unicom Ltd., have been squeezed by intense competition and the costs of rolling out fourth-generation service. Regulators rearranged the industry in 2008 to encourage competition and innovation by assigning each carrier mobile and fixed-line assets.