HONG KONG, April 17 (Reuters) - Chinese telecom equipment
maker ZTE Corp on Monday said its
first-quarter net profit rose 27.8 percent on demand for its
carriers' network and consumer business.
Profit for the January-March quarter rose to 1.2 billion
yuan ($174.29 million) from 949.5 million yuan a year ago, the
company said in a filing to the Shenzhen Stock Exchange.
Operating revenue rose 17.8 percent to 25.7 billion yuan.
One analyst expected the firm to post a revenue of 22.69 billion
yuan, Thomson Reuters data shows.
ZTE last month settled a sanctions case with U.S. regulators
that had loomed over the company over the past year by paying a
penalty of $892 million for violating U.S. export restrictions
to Iran and North Korea. ZTE posted a 2.36 billion yuan loss for
2016 due to the fine.
Analysts said ZTE's removal from a trade blacklist in the
United States following the settlement clears away a
long-standing overhang and that the company's outlook is now
expected to benefit from China's 5G development.
($1 = 6.8852 Chinese yuan renminbi)
(Reporting by Sijia Jiang; Editing by Himani Sarkar)