ZTE鈥檚 net soars 22%, revenue set to double
Print Edition
ZTE Corp, China’s biggest public telecommunications equipment maker, yesterday posted a 22 percent jump in net profit last year while it expects its revenue to double to 200 billion yuan (US$30.9 billion) by 2020.
ZTE, which last week won a relief from a temporary trade sanction by the US government, posted a net profit of 3.21 billion yuan in 2015, up 22 percent year on year.
Its revenue totaled 100.2 billion yuan last year, up 23 percent from a year ago, Shenzhen-listed ZTE said yesterday.
The firm attributed the revenue growth from sales of 4G network gears, high-end routers and smartphones.
Also yesterday, ZTE appointed Zhao Xianming as its new chairman, replacing the retired Hou Weigui, a veteran in the telecom industry.
ZTE expects revenue to hit 200 billion yuan in 2020, up from over 100 billion yuan last year, Zhao said in a statement.
On March 8, the United States announced export restrictions on ZTE and three affiliated entities for alleged violation of US export controls on Iran.
ZTE vowed to work with the US government to fully remove itself from the Entity List after a temporary trade sanction relief was given to the company last week.
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