ZTE net profit plummets in 2012

Net profit at ZTE fell between 2.5 and 2.9 billion yuan (396.83 to 460.32 million U.S. dollars) year on year in 2012, the company predicted in a report on Sunday. The firm made a profit of 2.06 billion yuan in 2011. The 2012 year-on-year fall represents a drop of between 221.35 percent and 240.77 percent. The multinational telecommunications equipment and systems company headquartered in Shenzhen City, Guangdong Province, attributed the decline to delays in both signing domestic contracts and completing international projects, according to its flash report filed with the Shenzhen Stock Exchange. Shares of the company climbed 0.20 percent to 10.17 yuan on Friday from the previous trading day.