Chinese telecom equipment maker ZTE Corp on Monday said its first-quarter net profit rose 27.8 percent because of demand of its carriers' network and consumer business, after the US lifted its export ban on the Shenzhen-based world's fourth-largest telecommunications equipment by revenue. 

ZTE has been working with US carriers such as AT&T and T-Mobile on services that allow drivers' smartphones to store their driving information. 

Its profit for the January-March period rose to 1.2 billion yuan (174.29 million US dollars) from 949.5 million yuan a year ago, according to the company's submission to the Shenzhen Stock Exchange. Its operating revenue rose 17.8 percent as well.

The company says that in 30 countries, its Pre5G products are now deployed in 40 some networks.

ZTE last month settled a sanctions case with US regulators that had affected the company in 2016 which made post a 2.36-billion-yuan loss last year. The company paid a penalty of 892 million US dollars for violating US export restrictions to Iran and DPRK.

Analysts said being delisted from a trade blacklist in the United States following the settlement clears away a long-standing hurtle and that the company's outlook will now benefit from China's 5G development. 

(Source: Agencies)