China's ZTE returns to net profit in 2017

BEIJING (Reuters) - Chinese telecoms equipment group ZTE Corp returned to the black in 2017 with a net profit of 4.57 billion yuan ($723.52 million), boosted by better sales in its telecom equipment business.

ZTE’s net profit in 2017 reported on Thursday was slightly higher than its preliminary profit of 4.55 billion yuan and was a turnaround from a net loss of 2.36 billion yuan in the year earlier, it said in a statement on the Shenzhen stock exchange.

The Shenzhen-based company, which is also a major smartphone maker in China, reported revenue of 108.8 billion yuan in 2017, up 7.5 percent from a year ago, the company said.

ZTE paid an $826 million fine last year to settle a U.S. sanctions case, which has already been booked in its 2016 financial report, the company said earlier this year.

($1 = 6.3163 Chinese yuan renminbi)