ZTE jumps right back to profitability

Jumping right back after nearly getting shut down as a result of the U.S. export ban, ZTE Corporation reported net profit of RMB 564 million for the third quarter.

ZTE reported operating revenue of RMB 19.3 billion, and its R&D investment reached RMB 3.47 billion, covering 17.9% of the quarter’s revenue, a year-on-year increase of 6.7%, compared with 11.2% of the same period last year.

Operating revenue of the first nine months ended 30 September 2018 reached  RMB 58.8 billion, and net profit attributable to holders of ordinary shares of the listed company amounted to RMB -7.26 billion.

The company said it strengthened its cost control, and reduced its sales and management expenses on a year-on-year basis.

ZTE also published its Preliminary Announcement of 2018 Annual Results, estimating that net profit attributable to holders of ordinary shares of the listed company for the year of 2018 amounted from RMB -7.2 billion to RMB -6.2 billion.