ZTE’s 2014 profits expected to almost double to £280m

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Preliminary results show profit is forecast to increase from 94.2 per cent from 2013, with operating revenue up by eight per cent to £8.6 billion 

ZTE has forecasted profits generated last year will almost double to RMB 2.64 billion(£280 million) from 2013.

This is according to guidance issued today for its full-year financial results for 2013, which are due to be released on March 25.

The 94.2 per cent rise would see profits jumping from RMB 1.36 billion (£144 million) a year earlier. Operating revenue is forecasted to increase by eight per cent, from RMB 75.23 billion (£7.98 billion) to RMB 81.24 billion (£8.6 billion).

Without providing financial figures at this stage, it said gross profit margin increased during 2014 as it continued to optimise its business operations to attain higher contract profitability.

It said its financial expenses decreased through effective management of interest costs and foreign exchange exposure, while it also saw growth in its 3G and 4G smartphone operations internationally.

 

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