Chinese telecoms vendor, ZTE Corporation, posted a loss of RMB 1.7 billion ($272m) in the nine months to September 31.

ZTE attributed the loss to the global economic environment and lower-margin contracts.

The company’s operating revenue for the first nine months of the year reached RMB 60.7 billion ($9.7bn), a rise by 5% compared to same period a year earlier.

ZTE’s operating cash flow increased by over RMB 6 billion compared to the same period of last year, the company said. This was driven by improvements in “customer-mix and receivables conditions”, the vendor said in its earnings statement.

At the same time, ZTE posted a RMB 7 billion improvement in free cash flow from the same period a year earlier, as controls on capital spending strengthened.