China's ZTE returns to net profit in 2013

BEIJING, March 26 Wed Mar 26, 2014 7:32am EDT

BEIJING, March 26 (Reuters) - ZTE Corp , China's second-biggest telecom equipment maker, said 2013 profit was in line with its own forecast, after improving margins and cutting costs.

The Shenzhen-based company swung back to a net profit of 1.36 billion yuan ($219.27 million), after its first annual net loss in 2012, it said on Wednesday. That was in line with company forecasts of 1.2-1.5 billion yuan.

Operating revenue fell to 75.2 billion yuan, down 10.6 percent from the previous year.

Fourth-quarter net profit was 806 million yuan, according to Reuters calculations, its highest quarterly profit in two years.

ZTE's Hong Kong-listed shares closed 0.4 percent higher on Wednesday, versus a 0.72 percent rise in the Hang Seng Index . ($1 = 6.2024 Chinese Yuan) (Reporting by Paul Carsten; Editing by Matt Driskill and Erica Billingham)

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