Huawei records 34.4% rise in net profits

Huawei records 34.4% rise in net profitsA leading globaltelecommunications equipment maker, China's Huawei Technologies has said that it has recorded an increase of 34.4 per cent in its net profit to 21 billion yuan or $3.38 billion. The company's operating profit was recorded at the level of 29.1 billion yuan, compared to the company's forecast of 28.6 between billion yuan and 29.4 billion yuan.

The company said that its earnings rose at its fastest level in four years expansion in enterprise and consumer revenue were much higher than the growth in the company's network building division. Huawei Technologies, which is now listed yet, benefitted significantly as companies invested in cloud and mobile computing.

The company also emerged as the world's third-biggest smartphone manufacturer in the previous year as it shipped millions of smartphones around the world. The Shenzhen-based firm said it is looking to increase revenue from Chinese mobile phone operators as the telecom service providers move to fourth-generation networks, which are faster and more equipped. The move to fourth generation networks will require new equipment and firms like Huawei are expected to receive large orders from the industry.

"Thanks to the favourable global macroeconomic and industry environment, as well as the effective execution of our company strategy, Huawei basically achieved our business targets for 2013," Eric Xu, Huawei's rotating and current chief executive, said in the statement.