China's ZTE sees profit surge in Jan-Sept

SHENZHEN - Chinese telecom equipment maker ZTE reported a 156.9-percent rise in net profit in the first three quarters of the year.

Net profit in the nine months rose to 4.13 billion yuan ($580 million), while revenue reached 64.24 billion yuan, the company said in its quarterly financial statement.

ZTE invested 9.36 billion yuan in research and development during the same period, accounting for 14.6 percent of its operating revenue, according to the statement.

The company announced it had acquired 35 5G commercial contracts worldwide and had engaged in close cooperation with more than 60 telecom operators by the end of September.