ZTE books a 63% rise in 2007 net profit

ZTE Corp<000063><763>, one of the leading Chinese telecom equipment manufacturers on Wednesday reported a 63% rise in 2007 net profit thanks to strong overseas sales.

According to its annual report, for the 12 months ended Dec 31, its net profit stood at RMB 1.25 billion, compared with RMB 767 million a year earlier. Revenue climbed 50% to RMB 23.21 billion from RMB 34.78 of 2006.

A sales boom in overseas market last year contributed greatly to the pleasing growth. Sales in off-shore markets increased to RMB 20 billion, up 95% year-on-year, accounting for 58% of its total sales.

Spurred by the news, A-shares of the company saw a jump of 7.83% to RMB 62 in Shenzhen on Thursday, and it closed at RMB 62.99 on Friday, up 1.60%.