ZTE posts £133m profit on '4G strength'
- 26 March 2014
- From the section Business
China's ZTE swung back into profit in 2013 due to the boom in 4G technology and partnerships with international operators.
The Shenzhen-based firm, which makes mobile phones and telecoms equipment, posted a net profit of 1.36bn yuan (£133m).
This compared with a 2.6bn yuan loss for 2012.
In 2013, the company signed smartphone technology agreements with Microsoft, Intel and Mozilla.
Last year, ZTE became the first company to sell a smartphone - ZTE Open - running on the Firefox operating system.
The company struck an exclusive deal to sell the phones online through e-commerce site eBay.
ZTE has steadily made progress when it comes to increasing its global market share in the mobile phone industry.
But it still lags far behind the top two brands - South Korea's Samsung and its US rival Apple.
Based on global handset sales, ZTE was ranked 8th in 2012 and moved into the top five last year.
At the Mobile World Congress trade show in Barcelona earlier this year, ZTE unveiled new mobile phone models with bigger screens.
According to an industry report, global mobile phone shipments surpassed the 1 billion mark last year, a nearly 40% jump from 2012, mainly driven by demand for cheaper devices.