China Tower booked double-digit profit gains in the first quarter of 2021, as a move to diversify fuelled growth in new business areas and its core tower unit was stable.
Chairman Tong Jilu stated China Tower aims to take advantage of the opportunities created by digitalisation across many sectors by promoting and accelerating the development of its trans-sector site application and information (TSSAI) and energy operation businesses.
Tower numbers were up 21,000 year-on-year for a total of 2.03 million at end-March, with average tenancy up from 1.63 to 1.68 per tower and total customers up 3.7 per cent to 3.4 million.
Net profit rose 16.7 per cent to CNY1.69 billion ($260.2 million), with operating revenue increasing 7.4 per cent to CNY21.2 billion.
Revenue from its tower business grew 3.8 per cent to CNYB18.8 billion and indoor distributed antenna systems increased 20.4 per cent to CNY986 million.
The TSSAI business grew 55.3 per cent CNY879 million and its energy operation more than tripled to CNY377 million.Subscribe to our daily newsletter Back