HK shares of ZTE fall 5 percent after profit warnings
HONG KONG |
HONG KONG (Reuters) - The Hong Kong-listed shares of ZTE Corp (0763.HK) fell 5 percent on Monday after China's second-largest telecom equipment maker warned of a net loss for 2012 due to project delays and the non-renewal of contracts.
The stock was set to open lower at HK$14.02, the lowest since Jan 8 and lagging a 0.15 percent fall in the benchmark Hang Seng Index .HSI
ZTE (000063.SZ) warned on Sunday of a net loss of up to 2.9 billion yuan ($466.58 million) for 2012 but said it expected to return to profitability in the first quarter of 2013 due in part to its sale of Shenzhen ZTE NetView Technology Co., Ltd., which generated investment income of up to 880 million yuan.
(Reporting by Donny Kwok; Editing by Anne Marie Roantree)
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