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Friday, July 13, 2018
ZTE Expects Losses Due to U.S. Penalty


Chinese telecoms equipment group ZTE said on Friday it expected to record a net loss in the first half of the year due to the fine it agreed in order to lift a U.S. ban on component supplies.

The company estimated a preliminary net loss of 7.0-9.0 billion yuan ($1.05-1.34 billion) in January to June period versus a profit of 2.3 billion yuan the previous year, it said in a filing to the Hong Kong stock exchange.

ZTE, which makes smartphones and networking gear, signed an agreement with the United States on Thursday that paved the way for it to resume operations after a nearly three-month ban on doing business with American suppliers.

The settlement ZTE reached with the U.S. Commerce Department included a $1 billion penalty and a deposit of $400 million in an escrow account.

"The substantial decrease in results was mainly due to operating losses and provision for losses resulting from the suspension of the major operating activities," ZTE said in the exchange filing.

Update:The U.S. Department of Commerce on Friday lifted a ban on U.S. companies selling goods to ZTE, allowing China?s second-largest telecommunications equipment maker to resume business.

"While we lifted the ban on ZTE, the department will remain vigilant as we closely monitor ZTE?s actions to ensure compliance with all U.S. laws and regulations," Commerce Secretary Wilbur Ross said in a statement.



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