China's ZTE first-quarter profit more than doubles; meets estimate

Reuters News
Posted: Apr 17, 2014 6:07 AM

HONG KONG (Reuters) - ZTE Corp, China's second-biggest telecommunications equipment maker, said first-quarter profit matched its estimate after benefiting from the country's introduction of fourth-generation mobile networks.

Net profit rose 204 percent to 622.2 million yuan ($100.01 million) in January-March compared with an estimated range of 425 million yuan to 637 million yuan, the Shenzhen-based company said on Thursday.

Operating revenue rose 5.5 percent from a year earlier to 19.05 billion yuan.

Shares of ZTE closed 1.6 percent higher in Hong Kong ahead of the earnings release, compared with a 0.3 percent rise in the benchmark Hang Seng Index. ($1 = 6.2214 Chinese Yuan)

(Reporting by Yimou Lee and Paul Carsten; Editing by Christopher Cushing)