HONG KONG (Reuters) - China�s ZTE Corp made a net profit of 276 million yuan in the fourth-quarter as it recovered from costly U.S. sanctions which dragged it to an overall 2018 loss of 7.0 billion yuan ($1 billion).
The world�s fourth-largest telecommunications equipment maker by market share was forced to stop most business between April and July last year due to U.S. sanctions. It paid $1.4 billion to lift these and reported its worst half-year loss of 7.8 billion yuan in August.
ZTE�s 2018 loss announced on Wednesday was just within its earlier guidance range of 6.2 billion yuan to 7.2 billion yuan, but was deeper than the average estimate of a loss of 6.2 billion yuan by 10 analysts, according to Refinitiv Eikon data.
The company had expected a first-quarter net profit of 800 million to 1.2 billion yuan, against a net loss of 5.4 billion yuan year earlier. It reported a profit of 4.57 billion yuan in 2017 before it became embroiled in a crippling row with the U.S. government over violations of export restrictions.
ZTE said its revenue for the quarter ending in December was 26.7 billion yuan, while its full-year revenue dropped 21.4 percent to 85.5 billion yuan, against an average estimate of 87 billion yuan by 12 analysts.
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