Chinese telecoms equipment manufacturer ZTE Corp., which has made headlines in recent weeks after it became the target of sanctions by the US government, has posted its highest net profits for the first quarter, Caixin Global reports.
The company’s filing to the Hong Kong Stock Exchange said that net profits hit RMB 1.69 billion ($267 million), a 39% increase from the previous year. Revenues increased 12.2% y/y for the quarter to RMB 28.9 billion.
ZTE added the disclaimer, however, that the Q1 figures did not entirely reflect the impact of Washington’s sanctions, saying that “the company is still unable to complete a comprehensive and accurate assessment or forecast.”