ZTE posts Q3 loss as contract delays cut sales

ZTE Corp, China's second-largest maker of telephone equipment, posted a third-quarter loss as delays in closing overseas deals fueled a cut in revenue.

The net loss was 1.95 billion yuan ($312 million), compared with a profit of 299.3 million yuan a year earlier, the Shenzhen-based company said in a statement to the Shenzhen Stock Exchange on Thursday. ZTE announced last month it probably would have a loss of as much as 2 billion yuan for the period in a preliminary earnings statement.

The third-quarter loss was a result of delays in overseas projects, a change in the procurement system for domestic operators and a larger number of low-margin contracts, ZTE said on Oct 14.