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Monday, April 18, 2011

Huawei annual profit up 30 per cent

Chinese telecoms company Huawei Technologies has released its full-year 2010 financial results today. Sales revenues were up 24.2% year-on-year to CNY 185.2 billion (around £17.4 billion), with net profit up 30% to CNY 23.8 billion.

It shipped over 120 million units of product in 2010, achieving sales of CNY 30.7 billion, an increase of almost 25% year-on-year.

Ken Hu, Deputy Chairman of Huawei Technologies, said “Operators continue to choose Huawei for our unique ability to transform their needs into customized, innovative, and flexible solutions that create maximum value for their business. As part of Huawei's future growth strategy, we leveraged our deep experience in the telecoms industry to expand into new areas, including the enterprise and device businesses, and will continue to capitalize on opportunities provided by the industry's digital transformation to support our global business in 2011.”

The company also said it would adopt a “market-oriented corporate governance structure”, introducing an executive management team to each of Huawei’s main business units.

[Annual report]

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Author: The Fonecast
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