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Huawei profits up 30 per cent worldwide

Chinese communications vendor will be taking on a “market-orientated governance structure” moving forward

Chinese communications vendor, Huawei, has achieved a global net profit of ¥ 23.8 billion ($AUD3.45 billion) in 2010, up 30 per cent year-on-year.

The company has had success in Australia, securing a lucrative deal to upgrade Vodafone’s mobile network nationwide. It also has dealings with Optus and Telstra for mobile broadband dongles and LTE trials respectively.

Sales revenue for Huawei was ¥185.2 billion ($26.92 billion), a 24.2 per cent growth from last year.

Cash flow from operating activities for 2010 was ¥28.46 billion ($4.14 billion).

The company revealed Australian revenues were up 29 per cent in 2010 earlier this month. Sales orders were up 35 per cent.

The vendor will be taking on a “market-orientated governance structure” moving forward and eventually become provider of end-to-end ICT products. Its foray into the consumer market last year was a stepping stone to achieving this goal.

Huawei deployed over 80 SingleRAN networks and shipped 120 million devices in 2010.

Financial results were audited by accounting firm, KPMG.

Earlier this month, Huawei announced it was establishing a board of directors in Australia.

All figures in this article are based on a conversion rate of ¥CNY1 = $AUD0.15 at the time of going to press.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: etwork, Huawei, KPMG, Optus, Telstra, Vodafone
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