China Mobile announces rise in profits

China Mobile's latest financial results have revealed that its profits are higher.

The firm announced that profits rose by 1.5 per cent to 63.1 billion yuan (£6.6 billion) during the first half of the year, beating expectations.

Operating revenue was increased by ten per cent to 303.1 billion yuan, but the company noted that it has faced competition from its fellow state-owned rivals.

China Mobile chairman Xi Guohua said the firm "faced a number of challenges", with slower economic growth in the Asian nation cited among them.

He explained increased competition from the wider information and communications industry have also had an impact on the health of the company in the last six months.

The share price of China Mobile is slightly up today (August 15th) on the back of the news.

At the end of the session on the Hong Kong Stock Exchange, shares in the firm were trading 0.18 per cent higher than at the start of the day.

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