With the rapid rollout of 5G mobile networks across China, China Tower, the state-owned monopoly which provides the country’s major telcos with tower services, enjoyed modest growth in both revenue and profit in the first three quarters of 2020.

During the period, China Tower generated operating revenue of 60.2 billion yuan ($9 billion), up 5.6% year-on-year, the Hong Kong-listed company said in a statement on Monday.

The company’s revenue derived from tower business made up nearly 91% of the total, amounting to 54.8 billion yuan, up 2.2% from a year earlier.

Its profit totaled 4.6 billion yuan for the nine months, up 17.8% year-on-year. China Tower’s shares fell 3.6% in Tuesday trade in Hong Kong after the results were announced.

China Tower was formed in 2015 by combining the tower assets of the country’s three major carries – China Mobile, China Unicom and China Telecom. The company makes money mostly by building and managing base stations for the trio.

In the first three quarters of the year, China Tower built a total of 345,000 5G sites, according to the Monday statement. Earlier this year, China Tower chairman Tong Jilu said that the company plans to invest 17 billion yuan in the 5G area this year.

As of the end of September, China Tower managed a total of 2.02 million tower sites, the statement added.

Contact reporter Ding Yi (yiding@caixin.com)

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