China Mobile profit falls on competition costs

China Mobile Ltd.'s nine-month net profit fell 9.7%, weighed down by stiff competition and the carrier's increased investments in its network. The world's largest mobile carrier by subscribers has been hit by the government's continued efforts to reform state-controlled companies by promoting competition. Being the dominant player in China, China Mobile was ordered to reduce the interconnection fees--money it receives from smaller domestic rivals to connect to its network--beginning this year. China Mobile's net profit for the nine months ended September 30 fell to 82.60 billion yuan ($13.48 billion) from 91.50 billion yuan a year earlier. Revenue rose 3.9% to 481.24 billion yuan from 463.01 billion yuan a year ago, according to marketwatch.com