ZTE says Q1 net profit up 40%
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China's ZTE Corporation, a leading global provider of telecom equipment and network solutions, said Tuesday its net profit jumped nearly 40 percent to 109.9 million yuan ($16.1 million) in the first quarter this year.
Total operating revenue in the first quarter rose 13.6 percent to 13.26 billion yuan, the Shenzhen-based company said in a statement filed with the Hong Kong stock exchange.
ZTE attributed soaring net profit to a stable domestic market and waning impact of the global financial crisis in the international market.
ZTE "was presented with more opportunities as some equipment manufacturers were diverting to other products while others were seeking to exit the mainstream market," it said.
The company said its terminal segment business in the first quarter this year reported 41.8-percent growth from a year earlier, mainly due to the rapid growth in the sales of high-speed products featuring mainly 3G handsets.
Revenue from telecom software systems, services and other products also rose by 40.8 percent year on year in the first quarter this year, it said.
Shares of ZTE fell 1.58 percent to close at HK$46.65 ($6. 02) on Tuesday.
