China's ZTE Returns to Profit Despite Declining Revenues
Published on: 26th Mar 2014
By: Ian Mansfield
China's ZTE says that it returned to profit for the full year after posting a loss in 2012 despite a steep decline in revenues.
The company posted a net profit for 2013 of RMB 1.36 billion (US$219.3 million), compared to a loss of RMB 2.6 billion in 2012.
Group revenue fell 10.6 percent to RMB75.2 billion (US12.1 billion), which it put down, in part to declining sales of features phones. It said that smartphones now make up more than half of its handset revenues, but did not break down the numbers.
ZTE reported operating revenue of RMB35.63 billion from the mainland China market, accounting for 47.4 percent of the company's overall operating revenue, with the rest coming from overseas markets.
It didn't offer any forecasts for financial performance for the year ahead.