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ZTE expects 60% plunge in H1 profit

Jul. 16, 2012 (China Knowledge) - ZTE Corp<000063><0763>, the second-largest telecom equipment manufacturer in China, announced that it expects its net profit to drop about 60% to 80% to RMB 154 million to RMB 308 billion in the first half of 2012.

The basic earnings per share for the six-month period will be between RMB 0.04 and RMB 0.09, said the company.

The huge decline in profit was mainly caused by the investment loss, foreign exchange loss and the extension of several products.

In the first quarter of 2012, ZTE booked RMB 151 million in net profit, up 18.5% than it realized in the same period of last year, source reported.

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