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ZTE shares tumble as firm warns about big loss in Q3
By Richard Fu |
October 15, 2012, Monday
|
Online Edition
Online Edition
SHARES in ZTE Corp slumped today after the leading Chinese telecoms equipment maker issued an earnings warning.
ZTE share price plunged by the daily limit of 10 percent in Shenzhen and dived as much as 17 percent in Hong Kong in early trading today.
The company, China's second-largest telephone equipment maker, said on Sunday it may post a loss between 1.65 billion yuan (US$263 million) and 1.75 billion yuan in the first nine months of the year, reversing from a net profit of 1.07 billion yuan from a year earlier.
That would mean a loss of up to 2 billion yuan in the third quarter, making it the first unprofitable quarter for ZTE.
The company cited delays in some overseas projects, a change in the procurement system of domestic carriers, and low profit margins across Europe and Asia.
Final results of the Shenzhen-based company are due later this month.
ZTE share price plunged by the daily limit of 10 percent in Shenzhen and dived as much as 17 percent in Hong Kong in early trading today.
The company, China's second-largest telephone equipment maker, said on Sunday it may post a loss between 1.65 billion yuan (US$263 million) and 1.75 billion yuan in the first nine months of the year, reversing from a net profit of 1.07 billion yuan from a year earlier.
That would mean a loss of up to 2 billion yuan in the third quarter, making it the first unprofitable quarter for ZTE.
The company cited delays in some overseas projects, a change in the procurement system of domestic carriers, and low profit margins across Europe and Asia.
Final results of the Shenzhen-based company are due later this month.
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