ZTE Corp released its Q1 2010 financial results posting net profit of RMB109.86 million or $16.09 million from RMB78.66 million or $11.52 million posted last year at a rise of 39.68%.

Revenues too increased by 13.59% to RMB13.26 billion or $1.94 billion.

The company greatly benefited out of the demand for 3G terminals in the domestic Chinese market as well as demand for 3G network gear in China. In overseas markets the company said that the impact of financial slowdown was gradually eroding and hence increased opportunities will be available.

The quarter saw the terminals business unit posting strongest growth of 41.8% on a yoy comparison while revenues from telecom software and services grew by 40.8%. The carrier network unit reported a marginal growth of 0.9%.