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ZTE Posts Second-Straight Loss on Delayed Contracts

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March 27 (Bloomberg) -- ZTE Corp., China’s second-biggest maker of mobile-phone equipment, posted its second-straight quarterly loss due to contract delays and falling handset sales in China.

The net loss of 1.14 billion yuan ($183 million) in the three months ended Dec. 31 compared with net income of 991.6 million yuan a year earlier, based on figures derived from 12-month results the Shenzhen-based company released in a statement today.

ZTE said in a preliminary report on Jan. 20 that it would have a loss for the period because of delays in contracts and international projects. The full-year loss of 2.84 billion yuan reported today compared with its January forecast of a loss between 2.5 billion yuan and 2.9 billion yuan.

Sales in the fourth quarter fell 16 percent to 23.5 billion yuan.

ZTE fell 0.1 percent to close at HK$13.96 in Hong Kong trading before the earnings announcement. The shares have gained 6.9 percent so far this year.

The company reported a net loss of 1.95 billion yuan in the third quarter.

Huawei Technologies Co. is China’s largest maker of mobile-phone equipment.

To contact Bloomberg News staff for this story: Edmond Lococo in Beijing at elococo@bloomberg.net

To contact the editor responsible for this story: Robert Fenner at rfenner@bloomberg.net

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