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October 26, 2012

ZTE Q3 operating revenue declines

The company reported a net loss of RMB1.94bn ($312m) for the quarter

By CBR Staff Writer

Telecom firm ZTE has reported an operating revenue of RMB18.09bn ($2.8bn) for the third quarter of 2012, a fall of 13.13% from RMB20.82bn ($3.3bn) for the same period last year.

The company reported a net loss of RMB1.94bn ($312m) for the third quarter of 2012, compared to a net profit of RMB299.27m ($47.97m) for the corresponding period in 2011.

The net loss figure was in line with ZTE’s own estimate released earlier in October this year of a loss between RMB1.9bn ($3bn) and RMB2bn ($3.2bn).

Operating loss was RMB2.6bn ($4bn) for the quarter, compared to RMB602.2m ($96.5m) in the year ago period.

Recently, ZTE had released the new personal computer based capacity planning tool for LTE networks that offers users professional and systematic support for developing maximised performance networks.

Earlier this month, the US House of Representatives’ Intelligence Committee had said that China-based telecom firms including Huawei and ZTE should be barred from doing business in US market as they pose a security threat to the country.

US-based Cisco Systems has terminated a seven year sales collaboration with ZTE, following allegations that the Chinese telecommunications equipment manufacturer sold Cisco’s networking equipment to Iran.

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