China motion slips into the red with $459m loss
China Motion Telecom International posted a net loss of $459.69 million for the fiscal year ended March, nearly 10 times its net loss of $47.47 million in the previous year.
Most of the loss was down to operating losses of $404.2 million. Turnover fell 4.6 per cent to $764.49 million.
The company, which is listed in Hong Kong and Singapore, earlier this month warned that it would post a significant loss, mainly due to material provisions related to its voice over internet protocol business and debts owed to it by China Motion Telecom Holdings, a mainland firm that is a substantial shareholder of three of China Motion Telecom International's subsidiaries.
China Motion Telecom International provides telecommunication products and services. Toh Han Shih
Shuffle at top of china's top telecoms companies
China Unicom's vice-president and executive director Zhao Le has been transferred to the parent company to head its mobile division.
In a stock exchange announcement yesterday, the mobile operator said that Mr Zhao's positions had been filled by Li Qiuhong, the former general manager of parent China United Telecommunications Corp's corporate planning division. Industry watchers said they were not surprised by Mr Zhao's appointment, as he took up the position of vice-president of the Hong Kong listed company in February last year, mainly to assist the then president, Wang Jianzhou.
Before that he was general manager of Unicom's Shanghai branch.
Meanwhile, China Unicom reported that it added 1.3 million new users last month - the lowest single monthly addition of new subscribers in three years - to 120.53 million. Of these, 499,000 were CDMA subscribers and 855,000 were GSM customers.
Separately, China Mobile said it added 3.28 million new subscribers on its GSM network last month, bringing the total to 223.78 million.
The figure was 3.6 per cent lower than the 3.4 million the company added in May, which was the highest monthly addition in three years. Georgina Lee
Sang fei enters a new agreement with philips
China Electronics Corp Holdings said its main operating subsidiary, Sang Fei Consumer Communications, expected to make about 5.61 billion yuan from selling products, spare parts and services to Philips Consumer Electronics International this year, 27.1 per cent more than last year.
Sang Fei entered a new two-year general purchasing agreement with Philips at the start of this month, under which the company will design, develop, manufacture and supply digital music players, mobile handsets and other portable electronics products to Philips. The company will also provide maintenance services.
Toh Han Shih