ZTE's net profits up 36% in Q1
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E-mail China.org.cn, April 27, 2013
China's major telecom gear producer ZTE Corporation announced Friday that its Q1 net profits surge 35.87 percent year on year in 2013 as profit margin expanded and expenses dropped.
According to ZTE's statement, its net profits totalled 205 million yuan (33 million U.S. dollars) in the first quarter, bringing the basic earnings per share to 0.06 yuan.
Business revenues dropped 2.79 percent year on year to 18.09 billion yuan in Q1, but the overall gross profit margin improved for the second consecutive quarter and stronger cost controls reduced expenses, said the statement.
However, the company sees 615.49 million yuan of losses in the first quarter if such items as investment earnings and non-business revenues were not included in the calculation, compared with 89.16 million yuan of net profits in the same period of last year.
The company said it will continue to improve efficiency in the next quarter, focus on populous markets and cash in on the demand for fourth-generation telecom equipment as well as smartphones and tablets.
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