ZTE Q1 profits up amid US curbs

The South China Morning Post reports ZTE, China’s largest listed telecommunications equipment manufacturer, posted a 15.97 per cent net profit growth in the first quarter to RMB 949.51 million (US $147 million) , up from RMB 818.72 million in the same period last year. ZTE also vowed to strengthen its efforts in core industries and major markets amid lingering concerns over a US government probe.  The US slapped ZTE with export restrictions last year for allegedly violating longstanding trade sanctions on Iran, although the firm received a relief from the export curbs with a temporary general license until June 30, during which its American suppliers can ship parts and other products to the company with no restrictions.