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ZTE Q1 profits up 36%

Chinese telecoms equipment vendor ZTE has reported a strong annual increase in net profits for the first quarter of 2013, thanks to improvements in cash flow and margins as a result of tighter cost control.

Net profits rose 36% in the period to reach RMB 205mn (US$ 33mn), while revenues dropped 3% by the same comparison to RMB 18bn, due partly to an operational review that has focused resources on key products and markets.

Looking ahead to the next three months, ZTE expects the telecoms industry to invest strongly in wireless and wireline broadband networks, and plans to offer mass-appeal products in these areas, as well as improve efficiencies in R&D.

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