ZTE sees Q3 net profit up 58%

Oct. 29, 2009 (China Knowledge) - ZTE Corp<000063><0763>, a leading global provider of telecom equipment and network solutions in China, said on Tuesday that its third-quarter net profit jumped 58.2% from RMB 258.3 million a year earlier to RMB 408.65 million, thanks to continuing investment in 3G networks by domestic carriers.

Revenue for the third quarter rose 43% from RMB 10.6 billion to RMB 15.14 billion on strong sales of 3G equipment in the domestic market, the company said in a statement.

In the nine months ended Sep. 30, ZTE's net profit grew 46.1% year on year to RMB 1.19 billion, and its revenues were RMB 42.84 billion, up 41.3% year on year.

In the fourth quarter, ZTE will focus on enhancing its capabilities in strategic applications and operations and will aim to increase its presence in key markets such as Western Europe and North America while reinforcing its position in China's 3G market, according to the statement.