Chinese telecom equipment maker ZTE Corp on Thursday posted a 191 per cent jump in quarterly net profit, thanks to strong demand for equipment to build China’s next-generation mobile networks.
ZTE posted a 703 million yuan ($114.89 million) profit for July-September, the company said in a filing to the Shenzhen stock exchange.
The result was in line with a 570 million to 770 million yuan estimate, according to Reuters’ calculations based on the company data released in August.
ZTE, which competes with Huawei Technologies Co Ltd in the telecom gear and smartphone sectors, posted a record first-half profit in August thanks to improving margins in its global business and higher 4G capital expenditure in China.
The company shares fell 0.4 per cent in Hong Kong prior to the announcement on Thursday. The stock has risen 12 per cent so far this year.
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