ZTE returns to the black
Print Edition
ZTE Corp said yesterday that it returned to the black last year as China’s No. 1 public telecommunication equipment maker benefited from a boom in the equipment and services business.
But its revenue declined because of a drop in its mobile phone business and fierce competition in the domestic market, the world’s No. 1 mobile phone market.
ZTE made a net profit of 1.36 billion yuan (US$219 million) in 2013 compared with a loss of 2.84 billion yuan in the previous year. Its revenue fell 10.6 percent from a year ago to 75.2 billion yuan, the company said in a statement to the Shenzhen Stock Exchange.
ZTE generated 39.6 billion yuan in overseas income last year, accounting for 53 percent of its total revenue. It was the first time the overseas business took up more than half of the company’s revenue.
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