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ZTE Posts Third Quarter Profit in Wake of US Sanctions, Expects Full Year Loss

ZTE Posts Third-Quarter Profit in Wake of US Sanctions, Expects Full-Year Loss

By Reuters | Updated: 25 October 2018 18:16 IST

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

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, the company said on Thursday.

The world's fourth-largest telecommunications equipment maker by market share posted its worst half-year loss of CNY 7.8 billion 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 $1.4 billion in penalties to lift the sanctions.

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

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