ZTE sees H1 sales rise 4%
Chinese telecoms vendor ZTE has increased sales by 4.05% to the equivalent of $7.1 for the six months ending June 30, despite restrictions on its US operations.
Its carrier networks business made up more than half of its operating revenue in the first half of the year, generating sales of $4.3 billion.
Net profits at the Chinese vendor grew by 9.3% to $270 million, ZTE said in a filing to the Shenzen Stock Exchange.
58% of its revenue was generated in its home market, with $2.9 billion coming from overseas markets, despite restrictions imposed by the US Commerce Department on the Shenzen-based company in March. ZTE was accused of violating US sanctions against Iran, which caused a temporary halt in component shipments, although it has been offer a reprieve to 28th of November.
ZTE claims to be the number one ranked provider in the carrier network market for 4G global shipments, and said it had increased its market share, although no figures were provided.
It also said it had seen a 40% year-on-year growth in sales of smart city solutions. Its products have now been implemented in 145 cities worldwide.
"The development of traditional telecommunication industries will be subject to stronger challenges in the second half of 2016, given the slowdown in global economic growth and increasing uncertainties," ZTE Chairman Zhao Xianming said in a statement.