According to a research report, Citi stated that CHINA UNICOM's (00762) first-quarter performance this year was below expectations. Total revenue for the period decreased by 0.5% year-on-year to RMB 102.8 billion, which was 1% lower than market expectations. EBITDA fell by 6.6% year-on-year to RMB 24.3 billion, missing market forecasts by 7%. Net profit declined by 17.6% year-on-year to RMB 4.9 billion. Operating expenses increased by 2.8% year-on-year, primarily impacted by rising employee costs. Citi maintains a "Buy" rating on the H-shares of CHINA UNICOM with a target price of HK$11.2.
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