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China Telecom sees profits squeezed by iPhone costs

China Telecom has reported a fall in full-year net profit, despite healthy growth in revenues, due to increased spending on iPhone marketing as it tries to capture higher-value customers at the expense of its bigger rivals. The operator – which runs China’s largest fixed-line network but is number three in the mobile market – saw net profit decline by 9.5% in 2012, to RMB14.9 billion ($2.4 ...
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