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China's ZTE first half profit jumps 43 percent on domestic 4G network growth

Reuters
Visitors check out products at the ZTE stand at the Mobile World Congress in Barcelona, February 24, 2014. REUTERS/Albert Gea

HONG KONG (Reuters) - Chinese telecom equipment maker ZTE Corp on Wednesday posted a 43 percent rise in first-half net profit as 4G growth in China and improving margins in its global equipment business offset weaker smartphone sales at home.

Profit reached 1.6 billion yuan ($249 million) in January-June, matching a preliminary estimate released in July, the firm said in a statement.

Revenue rose 30 percent in its mainstay telecoms equipment arm and fell 4.3 percent its handset business.

ZTE shipped about 26 million smartphones in the first half of the year, according to investment firm Jefferies. ZTE has a target of 60 million for 2015.

The firm's Shenzhen-listed shares closed down 1.4 percent ahead of the results, versus the benchmark's (.SZSC) 3 percent decline.

(Reporting by Yimou Lee; Editing by Christopher Cushing)