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August 20, 2009

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Spending on 3G lifts ZTE

ZTE Corp, China's second-largest telecoms equipment maker, posted a 41.9 percent rise in second-quarter net profit, boosted by huge spending on 3G networks by the country's three telecom carriers.

ZTE second-quarter earnings rose to 704.7 million yuan (US$103.2 million) - based on Reuters calculations - falling short of the 733 million yuan forecast by Reuters Estimates. That compares to the 496.5 million yuan it earned a year earlier.

ZTE said first-half net profit was 783.37 million yuan.

Beijing has targeted spending of US$58.5 billion in 3G mobile network construction through 2011 after handing out long-delayed 3G licences earlier this year.

The results came after ZTE's first-quarter profits rose 29 percent to 78.7 million yuan.

The company's share price rose 72.3 percent in the first half of the year, almost doubling the 38.9 percent surge on Hong Kong's China Enterprises Index.



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