BUSINESS China's ZTE sees profit surge in 2019

BUSINESS

China's ZTE sees profit surge in 2019

Xinhua

22:45, March 27, 2020

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Photo: VCG

SHENZHEN, March 27 (Xinhua) -- Chinese telecom equipment maker ZTE saw net profit rise 173.7 percent year on year to to 5.15 billion yuan (728 million U.S. dollars) in 2019.

Meanwhile, its revenue grew 6.1 percent year on year to 90.74 billion yuan, the company said in its annual report on Friday.

Revenue from operator network equipment totalled 66.58 billion yuan, an annual increase of 16.7 percent, it said.

The company announced that it had acquired 46 5G commercial contracts and had engaged in close cooperation with more than 70 telecom operators worldwide.

ZTE invested 12.55 billion yuan in research and development last year, accounting for 13.8 percent of its revenue, according to the annual report.

ZTE plans to launch more than 15 5G terminal products, including nearly 10 5G mobile phones, this year.

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