Chinese telecommunications operator China Unicom has published its annual financial report for 2008 and states that its net profit increased by 58% year-on-year to CNY33.91 billion.

According to the report, China Unicom made revenue of CNY148.91 billion in 2008, a year-on-year decrease of 0.8%. Its combined annual net profit was CNY33.91 billion, of which, CNY27.57 billion was from its discontinued operations and CNY890 million was from its deferred installation fee income.

In addition, China Unicom spent CNY70.5 billion in 2008, of which, CNY38.7 billion was used for the development of its 3G business, accounting for 35% of its total expenditure last year. China Unicom said its expense in 2009 is expected to reach CNY110 billion.