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ZTE Crop. Q2 profit climbs 44.8% YOY

ZTE Corp. said its second-quarter normalized net income was 11 fen per share, an increase of 55.2% from 7 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 394.1 million yuan, a gain of 44.8% from 272.1 million yuan in the year-earlier period.

The normalized profit margin rose to 1.9% from 1.1% in the year-earlier period.

Total revenue grew year over year to 25.90 billion yuan from 24.90 billion yuan, and total operating expenses climbed year over year to 26.59 billion yuan from 25.53 billion yuan.

Reported net income declined 9.1% on an annual basis to 675.7 million yuan, or 18 fen per share, from 743.3 million yuan, or 19 fen per share.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.