Summary by Futu AI
China Telecom Co., Ltd. (“China Telecom”) issued its first quarter report for 2024 on 23 April 2024. The report showed that the company's operating income reached RMB1344.95 billion, an increase of 3.7% year-on-year; net profit attributable to shareholders of listed companies was RMB85.97 billion, up 7.7% year-on-year. Basic earnings per share were $0.09 with a weighted average net asset yield of 1.92%, an increase of 0.09 percentage points over the same period last year. During the reporting period, China Telecom continued to promote 5G network quality improvement and application intelligence upgrade, and accelerated the development of digital business in the industry, achieving high-quality development. In addition, the company's unaudited financial statements showed that as of 31 March 2024, total assets were RMB8488.06 billion, an increase of 1.6% year-on-year; shareholders' equity attributable to shareholders of listed companies was RMB4513.74 billion, an increase of 1.9%. The Company and its subsidiaries had a surplus of RMB3.39 billion, accounting for 0.0076% of the Company's most recent audited net assets, all of which were provided by subsidiaries to other wholly-owned subsidiaries of the Company.