UK helps drive sales at ZTE but profits slump 37%

UK helps drive sales at ZTE but profits slump 37%

The United Kingdom was one ZTE's fastest growing markets last year, although the Chinese manufacturer reported a slump in profits of 36.6% last year.

In the year to 31 December 2011, sales leapt at the company, which also provides telecommunications equipment and network solutions, by 23.5% to RMB86.25bn (£8.54bn). However, net profit was RMB2.06bn (£204.1m), down 36.6% on 2010.

Sales outside of the manufacturer's native China accounted for 54.2% of total revenue at RMB46.76bn (£4.63bn), up 24% on 2010. It said: 'Growth from both mainland China as well as high-end markets like the US, France and the UK were the main sources of the company’s handset sales growth in 2011.'

The manufacturer has ambitious plans for the European market. It unveiled eight phones at this year's Mobile World Congress in February, ranging from entry-level devices to higher-end smartphones. Wu Sa, ZTE's Uk director of mobile operations, previously told Mobile he is targeting a 10% share of the UK market by 2015.

Editor: Graeme Neill

Written by Mobile Today
Mobile Today

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