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BULLETIN: China Mobile (Hong Kong) Ltd. Announces Strong 2002 Results Mar 03 Product Image

BULLETIN: China Mobile (Hong Kong) Ltd. Announces Strong 2002 Results Mar 03

  • Published: March 2003
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services said today that China Mobile (Hong Kong) Ltd.'s (CMHK; BBB/Stable/--) recent announcement of strong 2002 results-which are within expectations-would not affect the rating on the company. The rating on CMHK is constrained by Standard & Poor's sovereign rating on the People's Republic of China (foreign currency; BBB/Stable/A-3). CMHK's 2002 revenue totaled Chinese renminbi (RMB) 128.6 billion, up 28% on 2001, while net income amounted to RMB32.7 billion, up 17% over the same period. The improvement in earnings is attributable to organic growth and contributions from eight provincial subsidiaries that CMHK acquired from its parent China Mobile Communications Corp. in July 2002. Strong subscriber growth rates more than offset continued decline in market share, which dropped...

Companies mentioned in this report are: China Mobile Ltd.,China (People's Republic of )
Action: S&P Event

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China Mobile Ltd.,China (People's Republic of )

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