Jan. 29, 2010 (Chinavestor - Press Release)
CHINA UNICOM (HONG KONG) LIMITED
中國聯合網絡通信(香港)股份有限公司
(incorporated in Hong Kong with limited liability)
(HKG:0762) (NYSE:CHU)
ANNOUNCEMENT: Relating to Preliminary Estimate of 2009 Annual Results
This announcement is made by the Company in relation to the estimated annual results of the Company for the year ended 31 December 2009.
The financial information contained in this announcement is only a preliminary estimate of the Company and has not been audited by the Company’s auditors. Shareholders of the Company and investors are advised to exercise caution when dealing in the shares of the Company.
This announcement is made pursuant to Rule 13.09(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. China Unicom (Hong Kong) Limited (the “Company”) makes the following announcement relating to the estimated annual results of the Company for the year ended 31 December 2009.
1. ESTIMATED RESULTS FOR THE REPORTING PERIOD
1.1 Estimated Results Period:
1 January 2009 to 31 December 2009
1.2 Estimated Results:
Based on the preliminary calculations by the Company in accordance with International Financial Reporting Standards and Hong Kong Financial Reporting Standards, profit attributable to equity holders of the Company for the year ended 31 December 2009 is estimated to decrease by over 50% compared to the profit attributable to equity holders of the Company for the year ended 31 December 2008 (as further discussed in Section 2 below).
1.3 Preliminary Estimate of Unaudited Results Only:
Please note that the financial information contained in this announcement is only a preliminary estimate of the unaudited results of the Company for the year ended 31 December 2009 and may be different from the financial information to be set out in the Company’s audited annual results for the year ended 31 December 2009 which are currently expected to be announced in March 2010.
2. MAIN FACTORS CONTRIBUTING TO THE ESTIMATED RESULTS
The Company and its subsidiary, China United Network Communications Corporation Limited (formerly China Unicom Corporation Limited), disposed of the CDMA business and related assets to China Telecom Corporation Limited (as described in the announcement released by the Company dated 28 July 2008) and the disposal was completed on 1 October 2008. The discontinued operations generated a profit (net of tax) of RMB27.57 billion for the year ended 31 December 2008 which substantially increased the profits of the Company for the year ended 31 December 2008. However, such discontinued operations did not have any impact on the results of the Company for the year ended 31 December 2009. In addition, the WCDMA business of the Company, which commenced operations on 28 September 2009, has had an impact on the profit of the Company for the year ended 31 December 2009 due to the high costs and expenses incurred at its initial stage of operation.
For the reasons above, the Company expects that the profit attributable to equity holders of the Company for the year ended 31 December 2009 will decrease by over 50% compared to the profit attributable to equity holders of the Company for the year ended 31 December 2008.
By Order of the Board of China Unicom (Hong Kong) Limited
Chu Ka Yee
Company Secretary
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