China's ZTE has announced that its revenues for 2011 rose by 23.4% to reach RMB 86.25 billion (US$13.6 billion), although net profit dropped by over a third (36.6%) to RMB 2.06 billion (US$325 million).

The Group's domestic and overseas operating revenue grew 22.7% and 24% year-on-year respectively. In 2011, ZTE's terminal products sales continued to grow, with operating revenue of RMB 26.93 billion, up 52.6% from the previous year.

During the reporting period, ZTE reported operating revenue of RMB 39.50 billion from the domestic market, accounting for 45.8% of overall operating revenue and representing a year-on-year growth of 22.7%.

From the overseas market, ZTE reported operating revenue of RMB 46.76 billion during the period, accounting for 54.2% of overall operating revenue and representing year-on-year growth of 24%.

"In 2011, equipment investments by the telecommunications industry varied by region across the globe," said ZTE Chairman Mr. Hou Weigui. "During the year, ZTE adjusted its product lines to continue to provide comprehensive integrated solutions to carriers. A range of measures designed to improve efficiency and optimize production processes also were introduced."

Mr. Hou added: "In 2012, ZTE will continue its commitment to technological innovation. The company will proactively shift from being product-oriented to a solutions-oriented business. We intend to further consolidate our market position by expanding into the government enterprise and service sectors. We also seek to increase sales to mainstream carriers. This is part of our ongoing strategy of focusing on major nations and mainstream carriers."