Telecoms manufacturer ZTE Corporation says it expects its full-year financial results for 2013 to show an annual profit of between RMB 1.2 billion and RMB 1.5 billion (£120 million - £150 million).
That would be a significant improvement from last year’s loss, although it’s still not as much as the profit figure from two years ago.
In a statement, ZTE referred to “a large-scale improvement in profitability in its major operations” and a reduction in expenditure. It’s also made a number of changes to its strategy and organisational structure in the past two years.
A few weeks ago, ZTE formed a separate Mobile Devices business group led by Executive Vice President Zeng Xuezhong.