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ZTE posts record first-half profit on China's 4G growth
August 20, 2014 / 9:21 AM / 3 years ago

ZTE posts record first-half profit on China's 4G growth

HONG KONG, Aug 20 (Reuters) - Chinese telecom equipment maker ZTE Corp on Wednesday posted a record first-half net profit thanks to improving margins in its global business and revenue from new contracts to build China’s next-generation telecom network.

The Shenzhen-based company said its first-half net profit rose 263 percent year-on-year to 1.13 billion yuan ($184 million), up from 310 million yuan a year earlier.

The result was in line with a preliminary first-half net profit of 1 billion yuan to 1.15 billion the company flagged in July.

In May, China Mobile, the world’s largest carrier by subscribers, awarded a significant portion of its 4G next-generation telecom equipment contracts to ZTE, as well as rival Huawei Technologies.

1 US dollar = 6.1395 Chinese yuan Reporting By Yimou Lee; Additional reporting by Twinnie Siu; Editing by Matt Driskill

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