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Asset sales lift ZTE's Q1 net profit by 35.9 percent
April 26, 2013 / 9:26 AM / 4 years ago

Asset sales lift ZTE's Q1 net profit by 35.9 percent

HONG KONG, April 26 (Reuters) - ZTE Corp , China’s second largest telecom equipment maker in revenue terms, posted a 35.9 percent increase in its first quarter net profit, lifted by gains from selling assets late last year.

ZTE reported a net profit of 205.0 million yuan ($33 million) in the three months ended March 31, up from 150.9 million yuan in the same year-ago period, the company said in a stock exchange filing on Friday.

The figure was below the 220 million yuan quarterly profit forecast by three analysts polled by Reuters.

ZTE was in the red for the third and fourth quarters of last year, which contributed to its first-ever annual loss in 2012 that totalled 2.84 billion yuan.

The company has been plagued by project delays and falling margins in emerging markets, such as Africa.

The quarterly results came after the market closed. ZTE’s Hong Kong shares, which have fallen by about 5 percent since the beginning of this year, ended down 0.5 percent, lagging the main Hang Seng Index’s 0.7 percent gain.

Reporting by Lee Chyen Yee; editing by Miral Fahmy

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