ZTE Corp swings to first-quarter profit of 862.6 million yuan
FILE PHOTO: The logo of China’s ZTE Corp is seen on a building in Nanjing, Jiangsu province, China April 19, 2018. REUTERS/Stringer
HONG KONG (Reuters) – ZTE Corp reported a first-quarter profit of 862.6 million yuan, as expected, up from 276 million yuan in the preceding three months, as it recovered from last year’s U.S. sanctions, and forecast a net profit of 1.2 billion yuan to 1.8 billion yuan in the first half of the 2019.
The profit was on the lower end of the company’s forecast range of 800 million to 1.2 billion yuan. It reported a net loss of 5.4 billion yuan for the corresponding quarter a year earlier, which booked the impact of a crippling U.S. supplier ban that has now been lifted.
It forecast to make a net profit of 1.2 billion yuan to 1.8 billion yuan in the first half of the 2019, compared with a net loss of 7.8 billion yuan in the same period a year ago.
Reporting by Sijia Jiang; Editing by Himani Sarkar and Louise Heavens