China's ZTE posts major losses

Major Chinese telecom manufacturer ZTE (000063.SZ, 0763.HKG) posted a net loss of US$456 million (RMB2.84 billion) on Wednesday, citing project delays and lackluster performance in emerging markets, the South China Morning Post reported. That compares with a US$331 million profit that the world’s fifth-largest telecom equipment maker posted for 2011, according to a company statement. The most recent earning results mark the first full-year loss for the Shenzhen-based company since going public in 1997. ZTE set expectations in January for a loss of up to US$466 million after reporting a loss of US$177 million in the fourth quarter of last year.