China’s ZTE is back in profit in its first quarter, bouncing back from the disaster of last year, when it was hit by $800m in fines, and a temporary bar on buying US components, as a result of trade disputes with the USA. In Q119, ZTE has reported net profit of RMB863m ($128m), reversing a loss of RMB5.4bn ($800m) a year ago, largely caused by the US fines. However, the return to profit is likely to be largely related to stiff cutbacks at ZTE, because revenues have not recovered from the US fight, and the temporary suspension of operations last spring, to the same extent. Quarterly revenues have now declined on a year-on-year basis in four consecutive quarters. They nosedived…