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ZTE Corp.'s 2021 Profit Rises Nearly 60%

   By P.R. Venkat 
 

ZTE Corp. said its net profit for 2021 rose nearly 60%, supported by higher contributions from its 5G wireless and servers business.

The Chinese telecommunications company posted a net profit of 6.81 billion yuan ($1.08 billion), compared with CNY4.26 billion a year earlier, ZTE said late Tuesday.

Analysts had expected ZTE to post a net profit of CNY7.06 billion for 2021.

Operating revenue rose nearly 13% on year to CNY114.52 billion.

Profit after extraordinary items rose to CNY3.31 billion from CNY1.04 billion in 2020.

Last year, the group had recorded extraordinary gains including a tax rebate for software products and a gain from the sale of its equity interest in ZTE Capital.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

(END) Dow Jones Newswires

March 08, 2022 17:36 ET (22:36 GMT)

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