China's ZTE to post 9-month loss of up to $345m

HONG KONG (REUTERS) - Chinese mobile phone and telecoms equipment maker ZTE will report a loss of as much as 1.75 billion yuan (S$345.4 million) in the first nine months of the year, it said in a preliminary results announcement on the Hong Kong Stock Exchange on Sunday.

The Shenzhen-based company has suffered as a slowing economy has hurt sales and margins have come under pressure.

ZTE said its loss would be between 1.65 billion yuan and 1.75 billion yuan. That could be a fall of more than 260 per cent compared with the same period last year. Basic earnings per share will be a loss of between 0.48 yuan and 0.51 yuan.

The company is due to report final results at the end of the month.