BEIJING, Oct 27 (Reuters) - ZTE Corp, China's second-largest telecoms equipment maker, posted a 58.2 percent rise in third-quarter net profit on Tuesday as domestic carriers continued to spend on building new 3G networks.
ZTE's third-quarter earnings rose to 408.65 million yuan ($60 million) compared with a forecast 384 million yuan from a Reuters poll and a year-earlier net profit of 258.3 million yuan, according to Chinese accounting standards.
The results extend a string of strong ZTE earnings amid China's $58.5 billion spending spree to build networks after 3G licences were issued earlier this year.
Over the past year, both ZTE and Huawei nearly doubled their share of the global mobile gear market, as China telecom carriers rolled out 3G services, said researcher Dell'Oro.
The company's share price rose 52.0 percent in the third quarter, far outpacing the 8.16 percent gain on Hong Kong's China Enterprises ( CSHEE.OB - news - people ) index over the same period.
($=6.83 yuan) China ZTE Q3 net profit rises 58.2 pct
Read Online for More Information
Related News
Photos
More>>
trade
- Hong Kong SAR NPC Representatives'Visit to TISCO (Picture)
- Premier Wen Jiabao Visits TISCO (Picture)
- TISCO's Largest Oversea Investment Turkish Chrome Mine Project Launched (Picture
- 21 of TISCO s Products Rank Top in Domestic Market Share(picture)
- TISCO New 1.5 Million tons Stainless Steel Project Won National High Quality
market
- The First-Appearance for TISCO in the World Duplex Stainless Steel (picture)
- Green manufacturing, leapfrog development, innovatively building TISCO s future
- TISCO Group overseas resource strategy reach a great achievement again (picture)
- TISCO Team Participating in "Vietnam International Steel and Metal Processing
- TISCO - Demonstration Enterprise of Recycling Economy Energy Conservation and
finance
- The Largest Diameter Stainless Steel Seamless Tube with the Same Machine Type
- Playing the Supporting and Leading Roles of Science and Technology Innovation to
- Walking on the Green Development Road and Building a Green Demonstration Factory
- The meeting concerning the mid-year operation of DFM be held in Wuhan
- The second member representative congress of Hubei auto industry association be