CITIC TELECOM (01883.HK) issued a profit warning, expecting that for the year ending December 31, 2024, the Shareholder's profit attributable to the company will be between 0.86 billion to 0.92 billion yuan, a decrease of 25% to 30% compared to the year ending December 31, 2023.

CITIC TELECOM explained that the Shareholder's profit attributable for the first half of 2024 will fall by 37% year-on-year, mainly due to various changes in the external environment. Since the second half of 2023, some clients have made corresponding business adjustments, leading to a significant decrease in international telecom business revenue year-on-year for the first half of 2024, which also resulted in the above-mentioned preliminary expectations of a decrease in Shareholder's profit for the year 2024. (js/u)

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