China's 3G boom pays off for ZTE

ZTE's net profit grew 32% to 1.66 billion yuan ($243.2 million) in 2008, thanks to significant gains from China's 3G rollout. 

Group revenue grew 27.3% to 44.2 billion yuan. ZTE has attributed the result to fresh spending by domestic carriers on 3G and broadband.

ZTE won about 30% of the total value of the 3G contracts issued by China's three main carriers in 2008, said ZTE Chairman Hou Weigui.

"In the coming year, as carriers continue to push forward with works in relation to 3G operations"&brkbar;the group expects to see growth opportunities in the domestic market," he said.

But he warned that the global economic climate will continue to impede international revenue.

Revenue from international operations grew 33.5% to 26.8 billion in 2008, and accounted for 60% of the group's total revenue - up nearly three points from 2007.

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