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ZTE’s 2014 unaudited net profit rises 94%

HONG KONG–China’s ZTE Corp. (0763.HK), a major supplier of telecommunications network equipment, said its unaudited net profit for 2014 rose 94% on stringent cost controls and continued growth in demand for mobile services.

The Shenzhen-based company, which also sells mobile phones, said Monday in preliminary results that its unaudited net profit for last year was 2.64 billion yuan ($425 million), compared with CNY1.36 billion in the previous year.

The company posted a 7.99% rise in unaudited operating revenue to CNY81.24 billion in 2014, compared with CNY75.23 billion the previous year, as major Chinese telecom operators ramped up their investments to build faster fourth-generation long-term-evolution networks in China.

Strong demand for mobile handsets in overseas markets also contributed to the rise, ZTE said.

Write to Joanne Chiu at joanne.chiu@wsj.com

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SOURCE: http://www.marketwatch.com/story/ztes-2014-unaudited-net-profit-rises-94-2015-01-19

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