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Huawei Full-Year Profits Jump 20 Percent

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China's Huawei Technologies has bucked the economic downturn and reported a 20% rise in full year profits for 2008 to USD1.15 billion. Revenues rose by 43% to reach $18.33 billion slightly above the unaudited figures offered earlier this year.

In the full-year report, the firm noted that markets outside of China now account for over 75% of its total sales. Its major products are widely deployed by operators in Europe and Japan and the firm says that it is making steady progress in North America.

Looking ahead, Huawei expects to maintain the pace of steady growth and this will be driven by 3G network deployments in emerging markets including the Asia-Pacific region, and particularly in China. In North America and Europe, their consolidated partnership with operators will also generate new growth opportunities.

The company reiterated that its target is to sign contracts worth at least USD30 billion in 2009, up 29% from USD23.3 billion in 2008.

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Tags: huawei  eu  3g  pace  target  3g network  China