DHAKA: ZTE reported a sharp improvement in profitability for the fourth quarter and full year.

The Chinese equipment maker said it expects to report an annual profit of CNY 1.2-1.5 billion for 2013, compared to a loss of CNY 2.84 billion in 2012.

It earlier reported a profit of CNY 552 million for the first nine months of the year.

The company said it implemented stringent cost controls and exited low-margin businesses last year in order to return to profit and boost cash flow.

Sales, administrative and research and development expenses all were reduced compared to a year earlier.

In addition to winning key 4G contracts in its home market, ZTE expanded its market share in smartphones in key markets such as Spain and South Africa.

It said it plans a further focus on 4G development and new products in 2014, reports telecompaper.com.

BDST: 1627 HRS, JAN 21, 2014