China Unicom's Profit Falls 62%

China Unicom's first-half adjusted profit fell 62.2% to 2.4 billion yuan.
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NEW YORK (TheStreet) -- China Unicom (CHU) - Get Report said its first-half adjusted profit fell 62.2% to 2.4 billion yuan from the previous year due to expenses related to the development of its 3G business.

Revenue increased 7.6% over the same period last year to 82.11 billion yuan as telecommunications service revenue rose 6.6%, mobile business revenue grew by 17.7%, and fixed-line business revenue decreased by 2.4%.

The company is currently the primary carrier for the Apple iPhone.

-- Written by Andrea Tse in New York.

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