China’s ZTE to step up global expansion after posting solid first half profit
World’s fourth-largest telecommunications equipment supplier by revenue plans to sharpen focus on growing areas like 5G and the internet of things
What a difference a year makes for ZTE Corp.
China’s largest-listed telecommunications equipment manufacturer last year hoped for better days amid concerns over export restrictions for violating the United States’ long-standing trade sanctions on Iran and North Korea.
Shenzhen-based ZTE is now well-positioned to take on a leadership role in the highly anticipated next transformation of mobile networks around the world.
“We will seize opportunities ... to enhance our position in the worldwide market”
Chairman Yin Yimin said in a regulatory filing on Thursday that the company aimed to sharpen its focus on key areas that include 5G mobile technologies, the so-called internet of things, cloud computing, and optical transmission and access.
“We will seize opportunities ... to enhance our position in the worldwide market,” Yin said.
ZTE, which is the world’s fourth-biggest telecommunications equipment supplier by revenue, reported a 29.8 per cent jump in net profit for the six months ended June 30, powered by growth at its mobile network equipment and smartphone businesses.
Its interim net profit reached 2.3 billion yuan (HK$2.7 billion, US$345 million), up from 1.8 billion yuan in the same period last year, as domestic carriers continued to invest in transmission and access systems for their 4G networks.