Huawei 2008 net profit hits US$1.15 bln

Apr. 23, 2009 (China Knowledge) - Huawei Technologies Co Ltd, the leading Chinese vendor for communications equipment and network solutions, said on Wednesday its net profit grew 20% to US$1.15 billion in 2008 from US$956.9 million in the previous year.

The Shenzhen-based company said its revenue rose 43% in 2008 to US$18.33 billion from US$12.84 billion a year earlier. In the meantime, its global sales jumped 46% year on year to US$23.3 billion last year, with overseas sales accounting for 75% of the total.

Huawei, which has rapidly secured a market share in recent years, said it aims to maintain a steady growth and to get contracts worth US$30 billion this year as compared to US$23 billion in 2008.

Xu Wenwei, Huawei's chief marketing officer, earlier said that he has the confidence that Huawei this year will post robust growth in sales and exceed some of its foreign rivals, including Ericsson, Alcatel-Lucent and Nokia Siemens Networks.