ZTE profit forecast looks rosy for 2008
ZTE Corp, China’s second-biggest telephone-equipment maker, said 2007 profit increased 50 percent to 70 percent, fueled by rising sales overseas.
The company posted a profit of 807 million yuan (US$112 million) in 2006, or 0.84 yuan a share, ZTE said in a statement to the Hong Kong Stock Exchange. It didn’t give a figure for 2007 profit.
ZTE won contracts from carriers in Tunisia, India, and Portugal last year by selling equipment for as much as 30 percent less than rival Ericsson AB, Steven Liu, an analyst at DBS Vickers Ltd, told Bloomberg News. Sales from outside China would surpass its domestic revenue for the first time in 2007, the Shenzhen, south China-based company said in June.
The company’s Hong Kong-listed shares rose 5.4 percent to HK$37.20 (US$4.76) at the end of trading on Friday. The Shenzhen-listed shares fell 0.1 percent to 79.55 yuan.
ZTE is scheduled to announce its earnings for 2007 on March 20 in Shenzhen.