Telecom is hugely profitable, mobile telecom even more so.
Could you provide some data to support that statement? Not that I think the roaming charges are reasonable (since they are completely disconnected from actual costs for the operators), but that would just mean that domestic charges should go up and international/roaming rates should go down.
Look for example at the Vodafone annual report (big PDF), income statement on page 96. On 38 bn UK pounds annual revenue, the made 5 bn loss (before taxes, not including the profitable sale of their stake in Verizon).
Or the T-mobile US numbers on 2014 (full year). Page 6: US$ 14 bn revenue; net income US$ 0.25 bn. That does not look like a hugely profitable business to me. Or the balance sheet on page 5: US$ 57 bn assets, and only US$ 16 bn of stockholder's equity; a ratio of 3.6:1, which I'd consider pretty large for a company that is not making a large profit and that has to deal with rapidly depreciating infrastructure.
Here's Verizon 2014 full year: US$ 127 bn revenue, US$ 12 bn net income. That looks more healthy. But look at the balance sheet: US$ 232 bn assets, and just US$ 14bn in equity (16:1 ratio). I would be very hesitant to invest in a company with such a balance sheet. To my surprise, the stock market thinks differently with a P/E of 21.
I'm not a finance expert, so if I misinterpret the numbers, please correct me.