CHINA UNICOM SAW PROFITS DROP IN 06
AsiaInfo Services, April, 2007
AsiaInfo Services 04-02-2007 China Unicom Saw Profits Drop in 06 SHANGHAI, Apr 02, 2007 (SinoCast via COMTEX) -- China Unicom saw its net profits drop by 24% year on year in 2006, because it issued USD 1 billion worth of convertible bonds to SK Telecom, the largest mobile telecom carrier in South Korea, at lower price. The exercise price was HKD 8.63, much lower than the fourth-quarter share price of China Unicom, bringing the Chinese mobile telecom carrier CNY 2.4 billion of book loss.
Eventually, China Unicom got CNY 3.73 billion of net profits last year. Despite calculating the loss into 2006 income statement of China Unicom, cash flow and operations of the company would be affected somewhat, an insider disclosed. After eliminating the loss of fair...
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