China Mobile Communications, the parent company of SAR-listed China Mobile, has posted a net profit of about 45.5 billion yuan (HK$43 billion) for last year, according to CCID Consulting. On Monday, China Mobile (Hong Kong) said its net profit for the year to December 31 grew 55 per cent to 28 billion yuan. Based on CCID's data, the remaining eight provincial networks held by the parent generated 17.5 billion yuan net profit last year. The Hong Kong vehicle is in the process of acquiring the networks. Wang Xiaochu, China Mobile's chairman, said the company was aiming to complete the acquisition in the first half of this year. Analysts have estimated the acquisition will cost between US$10 billion and US$12 billion.
