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ZTE returns to profit, sales still down 10%
2013-10-22 15:01:00| Telecompaper Headlines
(Telecompaper) ZTE said it has returned to a net profit, helped by cost reductions, a greater focus on margins and extraordinary gains. The Chinese equipment maker recorded a net profit of CNY 552 million in the first nine months of the year, in line with its forecast of CNY 500-700 million. It said net profit was also positive in Q3, after unspecified extraordinary items. It expects to return to a full-year profit, after a loss of CNY 2.84 billion last year. Revenues were still down 10 percent in the nine-month period to CNY 54.66 billion, amid sluggish spending by most operators and a delay to 4G licences in China. The company noted that the timing of 4G contracts in China is still a risk to its full-year outlook.
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Category:Telecommunications