ZTE sees Q3 losses of nearly US$300m
Source: Agencies |
October 15, 2012, Monday
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Print Edition
Print Edition
CHINESE telecom giant ZTE Corporation said yesterday it expects huge net losses in the third quarter due to falling revenues and profit margin, while noting a negative impact of US probes on its business with Iran.
The company forecast 1.9 billion yuan (US$299.7 million) to 2 billion yuan of net losses in the third quarter of the year, compared with net profits of 299 million yuan in the same period of 2011 and 245 million yuan in the first half.
Delayed progress in some international projects and low gross profit margins of contracts in Europe and Asia including China reduced revenues and the total profit margin in the third quarter, ZTE said in a statement to the Shenzhen Stock Exchange, where it is listed.
As a result of ongoing probes by US Department of Commerce and Department of Justice on ZTE's business with Iran, the company's performance in Iran made a negative impact on the third-quarter results, according to the statement.
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