China's ZTE posts 30 percent rise in H1 profit on 4G, handset sales

Reuters News
Posted: Aug 24, 2017 5:19 AM

HONG KONG (Reuters) - ZTE Corp <000063.SZ> <0763.HK> posted a 29.8 percent rise in its first-half net profit, matching its forecast, as domestic telephone network providers continued to invest in fourth-generation infrastructure while sales of its mobile phones grew.

The Chinese telecommunications equipment maker on Thursday reported a profit of 2.29 billion yuan ($344 million), in line with an estimate it announced in July. Revenue rose 13 percent to 54 billion yuan, also meeting its projection.

The firm said revenue in its consumer business grew 24.13 percent to 17.9 billion on increased handset sales overseas.

($1 = 6.6569 Chinese yuan renminbi)

(Reporting by Sijia Jiang; Editing by Himani Sarkar)