BEIJING, March 26 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