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.
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(END) Dow Jones Newswires
March 08, 2022 17:36 ET (22:36 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.