Shares of ZTE dropped by as much as 17 per cent to close at the lowest level in three and a half years, battered by the company’s warning last Friday that interim net profit could fall by up to 80 per cent from a year ago.
China’s second-largest telecoms equipment maker by revenue blamed the expected decline on lower investment income, exchange rate-related losses and weaker domestic revenue. It also warned that its gross profit margin had slipped from last year.
The group’s Hong Kong-listed shares have fallen nearly 60 per cent since the start of the year. Analysts said the stock could come under further pressure as ZTE’s growth strategy appears to be off-track.
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