ZTE Corp, China's biggest listed telecommunications equipment vendor, said yesterday that its net profit surged nearly 16 percent in the first quarter on increased sales and the booming smartphone business.

The company's net profit in the first three months rose 15.97 percent from the same period of last year to 950 million yuan (US$147 million). Its revenue totaled 21.8 billion yuan, up 4.09 percent from a year ago.

In the period, ZTE's smartphone sales grew rapidly in overseas markets, including the US and Russia. About 70 percent of ZTE smartphone sales were contributed by the overseas markets.

ZTE said it aims to sell 70 million smartphones in 2016. It expects to double revenue to 200 billion yuan by 2020 from 100.2 billion yuan in 2015, the company said.

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