ZTE net profits triple in Q1

ZTE Corporation, a leading telecom equipment manufacturer in China, tripled its quarterly net profits in the first three months, the company's financial report showed on Friday.

ZTE raked in 622.2 million yuan (100.4 million U.S. dollars) in net profits in the first quarter of 2014, surging by 203.5 percent year on year.

Its business revenue stood at 19.1 billion yuan from January to March.

The company said in the report that it will enhance profitability in international contracts in the first half of the year and raise its share of domestic 4G projects.

The report predicted ZTE's net profits to grow by up to 222.6 percent in the first six months to reach a maximum of 1 billion yuan.