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China's ZTE swings to net loss in third quarter
by Staff Writers
Hong Kong (AFP) Oct 25, 2012


China Unicom January-September profits up 30%
Hong Kong (AFP) Oct 25, 2012 - China Unicom said Thursday its net profit for the first nine months of the year jumped nearly 30 percent due to a strong increase in revenue from its third generation mobile services.

China's second-largest mobile operator by subscribers said net profit for the January-September period was 5.45 billion yuan ($873.1 million), up from 4.21 billion yuan in the same period last year.

Revenue for the nine month period increased by 18.8 percent reaching 185.19 billion yuan, compared to 155.96 billion yuan in the previous year.

The total number of 3G subscribers increased by 26.84 million in the first three quarters of the year with a total revenue from the 3G business of 42.72 billion yuan, the company said in a filing to the Hong Kong stock exchange.

"The company's network assets were further increased which were mainly due to a continuous expansion of its mobile network coverage and improvement in network quality," it said.

China Unicom had been the only telecom operator offering Apple's iPhone in China until it was joined by rival China Telecom in March.

Another rival, China Mobile -- the world's largest mobile operator by subscribers -- said in May that it was in talks with Apple to offer iPhones to its users.

Chinese telecom firm ZTE said Thursday it swung to a net loss in the third quarter due to weaker demand amid the global economic slowdown.

ZTE reported a net loss of 1.945 billion yuan ($311.43 million) for the three months ended September 30 compared with a net profit of 299.27 million yuan in the same period last year.

Revenue fell 13 percent to 18.09 billion yuan from 20.83 billion yuan a year earlier.

ZTE released a profits warning earlier this month, saying it expected a net loss of between 1.9 billion and 2.0 billion yuan for the third quarter.

The company earlier this month announced that US network giant Cisco Systems had ended a 2005 strategic cooperation agreement, after the Chinese firm was accused by US lawmakers of doing business with Iran and posing a security threat.

A US congressional investigation said ZTE and another Chinese telecom firm, Huawei, should be barred from US contracts and acquisitions.

The report by the House Intelligence Committee said the two firms "cannot be trusted" to be free of influence from Beijing and could be used to undermine US security.

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