ZTE Reports Profits Surge for the 1st Quarter
Published on: 17th Apr 2014
By: Ian Mansfield
China's ZTE has reported that its first quarter profit more than tripled as the company said that it posted increased revenue amid growth in the global 4G market.
Net profit attributable to shareholders of the listed company was RMB 622 million in the first quarter, an increase of 203.5 percent from a year earlier, and at the higher end of forecasts released by the company a couple of weeks ago.
Revenue rose 5.5 percent to RMB 19.5 billion.
The company also forecast that first half profits will rise by between 158-223%.
However, the company does not offer any meaningful breakdown of its financial results by region or product type.