Chinese manufacturer ZTE reported a growth in domestic revenues of 74 per cent in the year ended December 31, 2009 of $4.4 billion (£2.9billion).
ZTE said the growth in domestic revenues was partially down to the Chinese government’s support for the construction of 3G networks. ZTE is now the largest supplier of 3G network equipment in the region.
Its revenues also increased in foreign markets by 11.34 per cent year-on-year to $4.37 billion, which accounted for almost half of its total Group revenues. Net profit during the year reached $360 million, up 48 per cent from 2008’s results.
ZTE chairman Hou Weigui said: “In 2009, our Group attained significant breakthroughs and growth in the mainstream product of carriers’ network.
“Revenue from Europe and America was growing fast as a percentage of the Group’s sales revenue from international markets. We succeeded in making major breakthroughs in the mainstream market on the back of our strengths in research and development as well as our ability in swift network delivery, winning contracts to build commercial networks in major cities around the world for mainstream carriers such as CSL, KPN and Telenor.
“On the international front, we continued to make breakthroughs in important country markets and mainstream carriers, resulting in a more balanced global presence. Sales of our terminal products were on the rise in Europe and the United States.
“In the coming year, we will focus on improving [ZTE’s] capabilities in integrated solutions and strive to constantly improve the quality of networks provided to customers by enhancing its competition strategy, product planning, product delivery and market behaviour. Meanwhile, we will persistently observe the priority, working to increase our efficiency and pursue internationalization in greater depth, laying solid foundations for our growth into a top-rate world-class enterprise as we take advantage of the opportunities at hand.”