HK Stock Market Move | CITIC TELECOM (01883) fell nearly 9% in the afternoon, with a year-on-year decline in net profit of 26.1%. The final dividend is reduced to 12.8 Hong Kong cents.

CITIC TELECOM (01883) fell nearly 9% in the afternoon, dropping 6.88% to HK$2.3 as of press time, with a turnover of HK$40.74 million. On the news front, CITIC TELECOM released its annual results for the year ending December 31, 2024, with total revenue of HK$9.573 billion, a decrease of 4.1% year-on-year; net profit attributable to shareholders was HK$910 million, a decrease of 26.1% year-on-year. Basic earnings per share were 24.6 HK cents, with a proposed final dividend of 12.8 HK cents per share, down from 19.3 HK cents in the same period last year. Together with an interim dividend of 6 HK cents, the total dividend per share for the year was 18.8 HK cents, down 25.7% from 2023. In the fiscal year 2024, telecom service revenue was HK$8.045 billion, a decrease of 6.1% or HK$524 million from the previous year. The decrease was mainly due to a decrease in enterprise business revenue and information service revenue under international telecommunications business, partially offset by an increase in mobile communication service and Internet business revenue.