ZTE Returns to Profit on Asset Sale After Two Straight Losses
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ZTE Corp., China’s second-biggest maker of mobile-phone equipment, returned to profit in the first three months of this year because of an asset sale, after posting two straight quarterly losses.
Net income rose 36 percent to 205 million yuan ($33 million) from 150.9 million yuan a year earlier, the company said in a statement to the Shenzhen stock exchange yesterday. That compared with estimates of 25 million yuan, 52 million yuan and 200 million yuan, according to a Bloomberg News survey of three analysts conducted by e-mail.