China Mobile Reports In-Line 1Q Result With Some Recovery in Market Share
China Mobile’s first-quarter summary result was in line with our expectations, with service revenue down 0.5%, earnings before interest, tax, depreciation, and amortization up 4.3%, and net profit down 8.1%. China Mobile implemented a new accounting standard relating to leases, which decreases operating expenses and increases depreciation and amortization, so the EBITDA increase was partly driven by this accounting change. We therefore see the net profit decline as more indicative of the underly...
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