BEIJING -- China Telecom, one of the country's leading telecom giants, expected its net profit surge in 2021 amid the efforts in digital transformation and technological innovation.

Net profit attributable to shareholders for the firm is expected to rise by 23 to 25 percent year-on-year in 2021, said a statement it filed with the Shanghai Stock Exchange.

The company's business revenue is forecast to climbed 10 to 12 percent year-on-year during the period.

By the end of last year, the company's mobile phone service users reached 372 million, within which over 50 percent used 5G services. The number of its cable broadband users neared 170 million in the same period.