ZTE reports two Consecutive Quarters of Positive Results
Global Networking solutions and mobile devices provider, ZTE Corporation (ZTE) have reported 23.5% increase in net profit in the first half. The company also announced that it has achieved two consecutive quarters of positive results. It achieved net profit attributable to shareholders of RMB302 million in the first half of 2013. In the first half, ZTE's revenue was RMB37.7 billion, a decrease of 11.6%, a result of lower demand for GSM and UMTS products in China, and lower sales of GSM handsets and data cards.
ZTE's gross profit margin gained in the first half also showed the data of improved cost controls and focus on efficiency. The company’s sales, administrative and research and development expenses declined significantly and the company recognized a financial gain from the disposal of a subsidiary.
In the first half of 2013, ZTE was also affected by depreciation in the Euro, Japanese Yen and some emerging market currencies against the U.S. dollar. The company announced recently the details of its stock option incentive scheme for employees.
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