ZTE Corp's net profit grew 32 percent last year on strong overseas income, China's biggest listed telecom equipment maker said yesterday.

ZTE plans to invest 16 billion yuan (US$2.42 billion) to build a research center in Nanjing, Jiangsu Province. It also plans to invest in foreign-exchange derivatives to hedge against risks from growing overseas revenue, ZTE said in a statement to the Shenzhen Stock Exchange.

ZTE's net profit was 3.25 billion yuan (US$492 million) in 2010, versus 2.46 billion yuan in 2009.

Revenue was 70.26 billion yuan in 2010, an annual 17 percent rise.