Narrow-Moat China Mobile Reports Weaker Third Quarter on Roaming and Long-Distance Removal
China Mobile’s third-quarter 2016 was quite weak, with service revenue up 2.3%, EBITDA down 1.8%, and net profit down 1.9%. This compares with its first-half services revenue growth of 6.9%, EBITDA growth of 2.9% and net profit growth of 5.6%. Because of the transfer of assets to Tower Company, EBITDA numbers in the two periods are not comparable so we focus on revenue and net profit growth numbers. The deceleration in the third quarter was likely due to government pressure to remove the roaming...
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