Company Report: Telecom spending, Sinopec results

5G investment provisions soar 338% while oil and gas giant sees income climb 20% 

by Xu Jiangshan and Yang Zhijie
Company Report: Telecom spending, Sinopec results
Photo:SOHU

(ATF) - Recent company announcements in China:

The capital expenditure budgets of Mobile, Unicom and Telecom, China’s three major communication operators, will reach a total of 334.8 billion yuan ($47.83bn) this year, an increase of 11.65% over the same period last year, the Shanghai Securities News reported. 

Spending allocated to 5G high-speed connectivity is 100bn yuan, 35bn yuan, 45.3bn yuan, respectively, an increase of 338%.


Petrochemical Oil Service’s Sinopec Petroleum Engineering Technical Service reported operating income of 69.87bn yuan last year, an increase of 19.6% over the same period last year. Net profit attributed to shareholders of listed companies was 914 million yuan, an increase of 543.6%, the company said in its annual report. 

Petrochemical Oil Service, a state-owned enterprise mainly engaged in oil and gas exploration and development engineering construction and technical services, has been the largest onshore drilling contractor for Saudi Aramco, Kuwait Oil Company and Ecuador National Oil Company, as well as Algeria's largest international geophysical contractor.