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ZTE Increases Annual Sales by 17%

Ray Le Maistre

ZTE Corp. (Shenzhen: 000063; Hong Kong: 0763) has issued preliminary numbers for 2010 that show the Chinese vendor's revenues grew by 16.7 percent year-on-year.

The vendor's as-yet-unaudited revenues for the year were 70.33 billion Yuan Renminbi (US$10.69 billion), up from RMB60.27 billion ($9.16 billion) in 2009. (See ZTE Grows 36% in 2009.)

Operating profit was up 26.6 percent to RMB2.6 billion ($395 million), while net income was up 32.4 percent to RMB3.25 billion ($494 million), though this included proceeds from the IPO of an associate (Nationz Technologies Inc.).

The vendor's share price rose by 3.5 percent today to RMB25.25 on the Shenzhen stock exchange.

The company's full 2010 results will be made available after March 17.

Earlier today, rival equipment vendor Nokia Networks reported a 1 percent increase in revenues for 2010. (See Signs of Growth at NSN.)

— Ray Le Maistre, International Managing Editor, Light Reading

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