ZTE swings to 2016 loss on U.S. fineStaff Writer | March 8, 2017
ZTE said it swung to a net loss last year, after it made provisions to pay a fine to the U.S. for violating Iran sanctions.
ZTE Net loss was 2.36 billion yuan
The largest publicly traded telecom manufacturer in China reported a net loss of 2.36 billion yuan ($342 million) for 2016, compared with a profit of CNY3.21 billion in the previous year.
Without the provisions, net profit would have grown 19.2% in 2016, ZTE said in its filing to the Hong Kong stock exchange. Operating revenue grew 1% to CNY101.23 billion.
The company said it expects net profit to rise between 21.1% and 31.7% in the first quarter of this year. ■