Chinese telecom equipment major, ZTE announced its financial performance for the year 2008 wherein it posted revenues of RMB 44.293 billion at a yearly growth rate of 27.37 percent and net profit of RMB 1.66 billion at a yearly growth rate of 32.6 percent. Earnings per share reached RMB 1.24 as compared to 0.93 in 2007.

The results announced conform to HKAS and GAAP accounting practices of China.

The company’s board recommended dividend in the form of issuance of 3 new shares for every 10 shares held in the company. Also for very 10 shares, RMB 3 in cash will be paid. Collectively the company said that new capital issued will be RMB 403 million and cash to be distributed will be RMB 403 million.

China market contributed to RMB 17.466 billion at a yearly growth of 18.93 percent. According to ZTE, China’s 3G and broadband development initiatives helped it generate a healthy profit in the market.

Telecom carrier network business accounted to 28.963 billion at a yearly growth of 65.4 percent.