Solid 2016 Result from China Telecom but Big Capital Expenditure Cut Will Have to Wait Until 2018
China Telecom’s second-half 2016 result was solid with operating revenue up 5.5% and EBITDA up 2.8%, following operating revenue growth of 7.2% and EBITDA decline of 0.4% in the first half. Services revenue was up a robust 5.5% after growing 7.2% in the first half. As discussed at the first-half results, earnings leverage on this sort of revenue growth would normally be stronger for a telecom company given a high fixed cost base, but each of the Chinese telecom companies were hampered this year ...
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