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HONG KONG (Reuters) – China Telecom Corp. said Tuesday its net profit rose 13.9 percent to 2018, ahead of expectations, helped by the growing demand for data traffic and cloud services in the country.
Net profit for the year reached 21.21 billion yuan (2.38 billion pounds), compared to 18.617 billion yuan the previous year.
At the same time, 16 badysts surveyed by Refinitiv had an average forecast of 20.5 billion yuan.
Net profit for the December quarter was established at 2.18 billion yuan.
Total revenue for the year increased 3 percent to 377 billion yuan, compared with an average estimate of 380.6 billion yuan by 21 Refinitiv badysts.
The state-controlled telecommunications operator has announced a final dividend of HKD 0.125 per share, up from HKD 0.115 a year ago.
(Report by Sijia Jiang, edited by Sherry Jacob-Phillips)
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