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ZTE warns of profit drop in first half of 2012

ZTE Corporation has published a preliminary announcement of its results for January to June 2012. The company says net profit is expected to be down between 60% and 80% compared with the same period last year, resulting in an anticipated profit figure of between 154 million Chinese Yuan Renminbi (£15.5 million) and 308 million RMB.

The decrease is being blamed in a decline in investment income, exchange losses caused by the Euro and slower than expected domestic growth.

Cash flow from operating activities was said to have improved when compared to the same six-month period last year

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Author: The Fonecast
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