Shares of China Unicom are declining, after a Goldman Sachs analyst said the mobile phone carrier's operations are still struggling.
Goldman Sachs analyst Helen Zhu called China Unicom's fiscal 2007 results "lukewarm," with margins dipping noticeably during the fourth quarter and sales rising 4 percent from a year ago.
"These results reiterate our view that China Unicom's operations continue to struggle," Zhu wrote in a client note.
Looking ahead, Zhu forecast "flattish" margins in 2008, but said restructuring efforts will eventually add to earnings per share.
Shares of China Unicom declined $1.07, or 4.8 percent, to $21.17 in afternoon trading, even though the Bank of New York Asia ADR index moved higher, gaining 1.17 points to 146.97.
American Depositary Receipts, or ADRs, are securities that allow U.S. investors to trade shares of companies based overseas.
China Unicom is China's No. 2 mobile phone carrier.
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