ZTE reports 39 pct net profit growth in Q1

Updated 2018-04-28 14:40:11 Xinhua

Chinese telecom equipment maker ZTE Corp. reported a 39 percent year-on-year net profit growth to 1.69 billion yuan (267 million U.S. dollars) in the first quarter of 2018, according to the company's quarterly report released late Friday.

The Shenzhen-based company registered 28.9 billion yuan in gross revenue, a year-on-year increase of 12.2 percent.

Earnings per share stood at 0.4 yuan, increasing nearly 38 percent.

The company reported around 3.4 billion yuan of investment in research and development, accounting for about 12 percent of total revenue.

ZTE said it has not taken into account the impact of the denial order of export privileges imposed by the United States in the report.

The ban is expected to significantly damage the company.

ZTE has postponed release of its quarterly earnings and halted trading of shares at the Shenzhen and Hong Kong bourses since the ban. It will remake and release the quarterly report after assessment of the U.S. action.

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