ZTE warns of last year net loss of up to 2.9b yuan

China’s second-largest telecom equipment maker, ZTE, warned of a net loss of up to 2.9 billion yuan (US$466.58 million) for last year due to non-renewed contracts and project delays.

ZTE’s operating income declined 18 per cent year-on-year in the fourth quarter due to delays in the extension of system contracts and several international engineering projects, the company said in a preliminary earnings statement on Sunday.

via Business feed http://www.scmp.com/business/companies/article/1132425/zte-warns-last-year-net-loss-29b-yuan