CITIC Telecom's Profit Slides 26% in 2024

MT Newswires Live03-12

CITIC Telecom International (HKG:1883) recorded a 26% drop in attributable profit for 2024 to HK$910 million from HK$1.23 billion in the year-ago period, a Tuesday filing with the Hong Kong bourse said.

Earnings per share were HK$0.246 in the year, down from HK$0.333 in the previous year.

The telecom company's revenue fell by 4.1% to HK$9.57 billion in the year from HK$9.99 billion a year prior.

The firm attributed the lower profit mainly to a decline in revenue, a valuation loss on an investment property, a rise in the cost of sales and services, and higher operating expenses.

Alongside a previously-declared interim dividend of HK$0.06 per share, the company has resolved to recommend a final dividend of HK$0.128 per share for the year.

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