ZTE's net profit soars in the 1st half

ZTE Corp, the nation's second-largest telecom equipment and mobile phone vendor, said on Monday that its net profit rose by 23.5 percent year-on-year to 302 million yuan ($49 million) in the first half of this year.

In a filing to the Hong Kong Stock Exchange, Shenzhen-based ZTE said it realized revenue of 37.7 billion yuan, a year-on-year drop of 11.57 percent, in the first half of 2013. The company attributed the slip to a weak domestic GSM market, which affected both ZTE's telecom gear and mobile device businesses.

The company's net profit, however, secured a second quarterly growth in a row. ZTE's net profit in the first half was 302 million yuan, up 23.47 percent year-on-year. It recorded a net loss of 2.84 billion yuan in 2012.