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China's ZTE says Iran restrictions to have little impact on sales
March 29, 2012 / 3:55 AM / 5 years ago

China's ZTE says Iran restrictions to have little impact on sales

HONG KONG, March 29 (Reuters) - ZTE Corp , China’s second-largest telecommunications equipment maker, said on Thursday that limitations on its business operations in Iran will have little impact on overall sales.

President Shi Lirong, speaking at a news conference after the company announced its financial results for 2011, said ZTE was not a mainstream telecoms gear supplier in Iran.

ZTE said on Wednesday that October-December net profit slid to 991 million yuan ($157 million), down 48 percent from 1.89 billion yuan a year earlier.

Shares in ZTE had risen nearly 5 percent by 0346 GMT, outpacing a 1 percent drop in the broader Hang Seng Index , amid market expectations for an improved outlook.

Reuters reported last week that ZTE had entered into a $131 million contract with Telecommunication Co of Iran in December 2010, which sources said included a surveillance system capable of monitoring telephone and Internet communications. ZTE has said it is no longer seeking to expand in Iran.

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