ZTE Jan-Sept net profit jumps 232 pct

Chinese telecommunication giant ZTE Corporation posted a net profit of 1.8 billion yuan (293 million U.S. dollars) in the first nine months of this year, up 232 percent year on year, according to its quarterly financial report on Thursday.

The strong demand for equipment to build China's 4G mobile networks and strong performance in smartphone and high-end router sales in Europe, North America and China contributed to the growth, according to the report.

ZTE reported a sales revenue of 58.8 billion yuan in the first nine months, up 7.8 percent than the previous year. It posted a 703 million yuan profit for July-September, up 191 percent year on year.

ZTE, a major rival with Huawei Technologies Co. Ltd in the telecom gear and smartphone sectors, has a projected profit growth of 84 percent to 106 percent for the whole year, according to the report.

ZTE recorded a massive loss of 2.84 billion yuan in profit in 2012. It had a turnaround in 2013 with a net profit of 1.36 billion yuan.