Date
21 November 2018
ZTE Corp. said it expects to post a loss of up to 7.2 billion yuan for the full year. Photo: Reuters
ZTE Corp. said it expects to post a loss of up to 7.2 billion yuan for the full year. Photo: Reuters

ZTE posts third-quarter profit, expects full-year loss

Chinese telecoms equipment maker ZTE Corp. (00763.HK, 000063.CN) posted a third-quarter net profit of 564 million yuan (US$81 million) after resuming business in the wake of crippling US sanctions, but said it still expects to post a loss of up to 7.2 billion yuan for the full year, Reuters reports.

Profit in the three months to Sept. 30 was down 65 percent year on year, while revenue dropped by 14.3 percent to 19.33 billion yuan, the company said.

The world’s fourth-largest telecommunications equipment maker by market share posted its worst half-year loss of 7.8 billion yuan in August due to US sanctions over violations of export restrictions.

It was forced to stop most business operations between April and July, when it paid US$1.4 billion in penalties to lift the sanctions.

In its Thursday filing, ZTE said it expects to make a loss of between 6.2 billion and 7.2 billion yuan for full-year 2018, compared with a profit of 4.57 billion yuan in 2017.

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CG

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