You are here: Home » Companies » News
Business Standard

China's ZTE reports net loss of $1.1 bn for H1 on impact from US sanctions

In June, the network equipment and smartphone maker paid the United States $1.4 billion in penalties in a deal to have the supplier ban lifted

Sijia Jiang & Twinnie Siu | Reuters  |  HONG KONG 

ZTE Corp reported a first-half net loss of 7.8 billion yuan ($1.1 billion) on Thursday, weighed down by a ban on US firms selling parts to the Chinese telecom equipment maker that forced it to cease operations for three months. The result compared with the 7 billion to 9 billion yuan net loss estimate disclosed last month, and the 2.3 billion yuan profit booked in the same period a year earlier. Operating revenue in the first half fell 27.0 per cent to 39.4 billion yuan. In June, the network equipment and smartphone maker paid the United States $1.4 billion in penalties in a ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Thu, August 30 2018. 17:51 IST
RECOMMENDED FOR YOU