Citic affected by CTM operations

Citic Telecom International Holdings Limited (Citic), a shareholder of Companhia de Telecomunicações de Macau (CTM), registered a 12.1 per cent year-on-year decrease in total revenue to HK$3.82 billion (MOP3.93/US$493.24 million) in the fist half of 2016, according to a company filing with the Hong Kong Stock Exchange.
According to the South China Morning Post, a 25 per cent decline in Citic’s Macau-based mobile operation was one of the causes for the revenue decline. The publication quoted Citic’s Chief Financial Officer David Chan Tin-wai as saying that the company’s mobile business in the territory was mainly hurt by the economic downturn.
In the group’s filing the total revenue decrease was attributed to weaker mobile sales and the continued decline in revenue for more traditional services.
Citic’s total mobile sales and services revenue for the first six months of 2016 decreased 25.2 per cent, amounting to HK$1.46 billion, when compared to the same period of last year.
The group’s Internet market share in Macau was around 98.7 per cent, while the broadband market penetration rate amounted to 87.5 per cent as at the end of June this year.