China's Huawei says 2012 unaudited net profit climbs 33%

BEIJING - Huawei Technologies Co Ltd , the world's No.2 telecom equipment maker and the sixth largest mobile phone vendor, posted a 33 per cent rise in net profit in 2012, reversing a fall in 2011 thanks to new telecom projects and smartphone sales.

Huawei, which ranks behind Sweden's Ericsson in telecom equipment sales, reported an unaudited net profit of 15.4 billion yuan (S$3 billion) up from 11.6 billion yuan in 2011, CFO Cathy Meng told a media briefing.

Revenues for the year rose 8 per cent to 220.2 billion yuan. The company's acting and rotating CEO Guo Ping said in a New Year message to employees that the Shenzhen-based company's net profit would be around US$2.4 billion (S$2.9 billion) and its revenues would exceed $35 billion.