China's ZTE sees revenue surge in H1 despite COVID-19 impact

SHENZHEN - Chinese telecom equipment maker ZTE saw surges in both operating revenue and net profit in the first half-year despite the challenges posed by the COVID-19 pandemic.

The company said in its earnings report filed to the Shenzhen Stock Exchange on Friday that it realized a net profit of 1.86 billion yuan ($271 million) attributable to common shareholders in the first half of 2020, up 26.3 percent year-on-year.

The company's operating revenue increased by 5.8 percent year-on-year in the first six months to reach 47.2 billion yuan.

The report showed that ZTE continued to increase its investment in 5G research and development, reaching 6.64 billion yuan in the first half, accounting for 14.1 percent of its operating revenue. Meanwhile, ZTE earned 34.97 billion yuan from network operators, up 7.7 percent year-on-year.