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China's ZTE sees heavy losses in H1 due to U.S. penalty

Reuters  |  HONG KONG 

HONG KONG (Reuters) - Chinese telecoms equipment group ZTE Corp said on Friday it expected to record a net loss in the first half of the year due to the hefty fine it agreed in order to lift a U.S. ban on component supplies. It estimated a preliminary net loss of 7.0-9.0 billion yuan ($1.05-1.34 billion) in January to June period versus a profit of 2.3 billion yuan the previous year, it said in a filing to the Hong Kong stock exchange.ZTE, which makes smartphones and networking gear, signed an agreement with the United States on Thursday that paved the way for it to resume operations after a ...

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First Published: Fri, July 13 2018. 19:03 IST
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