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ZTE confirms near doubling in FY net profit

2015-01-19 12:34:00| Telecompaper Headlines

(Telecompaper) ZTE reported preliminary results for 2014 showing its annual net profit nearly doubled, from CNY 1.36 billion in 2013 to CNY 2.64 billion in 2014. This is in line with the company's outlook of CNY 2.5-2.8 billion. Revenues were up 8 percent to CNY 81.24 billion, and the operating result turned to a profit of CNY 105 million from a loss of CNY 1.49 billion in 2013. ZTE said it benefited from sales of LTE network equipment in its home market China and its growing smartphone business abroad, as well as an increased focus on profitability. In addition to improved gross margins, the group benefited from lower interest and foreign exchange expenses. ZTE will release more detailed annual results on 25 March.

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