China Mobile hits profit slump amid competition, new projects

China Mobile Ltd, the world's largest telecom carrier by subscribers, experienced its first annual net profit decline in more than a decade after the company invested heavily in mobile network projects and was put under pressure by Internet companies.

At a news conference in Hong Kong on Thursday, China Mobile said its revenue reached 630 billion yuan ($101 billion) in 2013, up 8.3 percent year on year.

But the company's net income was dragged down by a disappointing second half; it fell by 5.9 percent from the previous year to 121.7 billion yuan.