Chinese telecom equipment
maker ZTE Corp on Thursday posted a 191
percent jump in quarterly net profit, thanks to strong demand
for equipment to build China's next-generation mobile networks.
ZTE posted a 703 million yuan ($114.89 million) profit for
July-September, the company said in a filing to the Shenzhen
stock exchange.
The result was in line with a 570 million to 770 million
yuan estimate, according to Reuters' calculations based on
company data released in August.
ZTE, which competes with Huawei Technologies Co Ltd
in the telecom gear and smartphone sectors, posted a record
first-half profit in August thanks to improving margins in its
global business and higher 4G capital expenditure in China.
Shares in the company fell 0.4 percent in Hong Kong prior to
the announcement on Thursday. The stock has risen 12 percent so
far this year.
(1 US dollar = 6.1190 Chinese yuan)
(Reporting by Yimou Lee)
Discover the Latest Cool Gadgets and Top Wholesale Electronics from China. Daily updates about new smart gadgets, useful tech guides.
No comments:
Post a Comment