Chinese telecommunications equipment maker ZTE reported losses for the fourth quarter and all of 2016 due to a $ 892 million fine imposed by the US authorities for violating the trade embargo with Iran and North Korea, Reuters reports..

Over the three-month period from October to December 2016, ZTE's loss was 5.22 billion yuan (about 760 million US dollars), while in the previous quarter, the company's net profit was 1.09 billion yuan. Excluding additional items, the loss amounted to 21.5 million yuan (3.1 million dollars) against profit of 479 million yuan in July-September 2016.

The company's revenue in the quarter under review increased by 24.6% compared to the previous quarter, reaching 29.67 billion yuan (4.3 billion dollars).

It is also reported that due to a large fine ZTE was in the red on the results of the whole last year. The loss of the company was 2.36 billion yuan (342.7 million dollars). If it had not been for the amount paid by the US, the Chinese vendor would have registered a profit of 3.83 billion yuan ($ 556 million), which would have surpassed the 2015 indicators by 19.2%. The company also reported an annual revenue of 101.2 billion yuan ($ 14.7 billion), which is 1.04% more than in the previous year.