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ZTE Crop. Q3 profit climbs 104.3% YOY

ZTE Corp. said its third-quarter normalized net income was 26 fen per share, compared with the S&P Capital IQ consensus estimate of 23 fen per share.

EPS rose 105.1% year over year from 13 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.07 billion yuan, a gain of 104.3% from 524.2 million yuan in the prior-year period.

The normalized profit margin climbed to 5.8% from 2.5% in the year-earlier period.

Total revenue grew 7.2% year over year to 22.62 billion yuan from 21.10 billion yuan, and total operating expenses increased 6.1% from the prior-year period to 21.47 billion yuan from 20.23 billion yuan.

Reported net income grew 40.6% on an annual basis to 988.6 million yuan, or 24 fen per share, from 703.3 million yuan, or 17 fen per share.

As of Oct. 27, US$1 was equivalent to 6.35 yuan.