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October 28, 2016

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ZTE posts 10% jump in net income

ZTE Corp posted a nearly 10 percent jump in net profit in the first nine months as sales of telecommunication accessories and smartphones boomed, the company said yesterday.

In the first three quarters, Shenzhen-listed ZTE’s net profit amounted to 2.86 billion yuan (US$422 million), an increase of 9.78 percent year on year. Its revenue rose 4.44 percent from a year ago to 71.5 billion yuan in the nine-month period, according to ZTE’s statement to the Shenzhen Stock Exchange.

China’s biggest listed telecommunication equipment maker also said it has established a 5 billion yuan fund with GF Securities that will be used to develop smart cities, data centers and underground network targeted at government and enterprise clients.



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