China's ZTE posts first-ever annual net loss

HONG KONG, March 27 Wed Mar 27, 2013 5:29am EDT

HONG KONG, March 27 (Reuters) - China's ZTE Corp, the world's No.5 telecommunications equipment maker, posted its first annual net loss, totalling 2.84 billion yuan ($460 million), due to project delays and falling margins in emerging markets.

The Shenzhen-based company swung to the red last year from a net profit of 2.06 billion yuan in 2011, it said in a statement on Wednesday.

ZTE flagged earlier this year that it would make a net loss of up to 2.9 billion yuan in 2012, with 10 analysts polled by Reuters expecting the figure to be at 2.67 billion yuan.

In the fourth quarter, its net loss was 1.1 billion yuan compared with a net profit of 991.6 million yuan a year earlier, according to Reuters calculations based on company data. (Reporting by Lee Chyen Yee; Editing by Ryan Woo)

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