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Monday, January 21, 2013

Huawei expects 33% profit increase in 2012 financial results

Huawei has announced details of its 2012 financial results ahead of the audited figures due in April. Global sales revenues for the year are expected to reach 220.2 billion Chinese Yuan (£22.3 billion), up 8% on 2011, while net profit is expected to be up 33% to CNY 15.4 billion (just under £1.6 billion).

66% of overall revenue came from outside China.

Cathy Meng, Huawei’s Chief Financial Officer, said “We insist on strictly controlling G&A expenses and allocate more resources to bolster the front line and ensure continuous improvements on customer delivery and service quality. In addition, Huawei continued its ongoing management transformation, raising combined operating efficiency with an integrated financial services program.”

120 billion Yuan has been invested by Huawei in its R&D over the past 10 years, including a CNY 29.9 billion investment in 2012.

The company expects its overall revenue to grow by between 10% and 12% in 2013.

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Author: The Fonecast
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