China Mobile (CHL.NYSE, 0941.HK) said its net profit grew 7% year-on-year in the first quarter to US$8.49 billion on the back of a 7.9% increase in revenue to US$33.8 billion, Dow Jones Newswires reported. The profit gain beat analyst expectations but was still small, a result of increasing competition in the mobile market and declines in average revenue per user. China Mobile also announced that Executive Director Li Yue, 51, would replace Wang Jianzhou as CEO. The move was widely expected since Wang turned 60 in December 2008, the usual retirement age for top officials in China. Wang will retain the role of chairman, separating the top two posts in accordance with Beijing’s drive for better corporate governance. Li said China Mobile wouldn’t compete on price to gain market share in the second half. He added that growth in value-added services such as mobile reading and music would counterbalance the decline in voice tariffs.