Huawei’s profits rise by 33%

Huaweis profits rise by 33%

The world’s second biggest telecoms equipment maker Huawei said profits jumped a third last year, its net profit was 27.9bn yuan ($4.5bn; £3bn), up from 21bn yuan in 2013.

The Chinese firm, which is also a major smartphone maker, saw revenues rise by 21% over the year.

Our cash flow, revenue, and profit all grew over the previous year, moreover, our debt and financing structures have continuously improved

Said the chief financial officer Meng Wanzhou in a statement on Tuesday. .

Huawei’s growth comes despite it facing challenges in several major economies. In the US, it was branded a national security threat by legislators, because of its alleged close ties with the Chinese government. Meanwhile, it has been banned from being involved in broadband projects in Australia over espionage fears. However, the company said it was well positioned to capture business opportunities with heavy investment in innovative areas such as cloud computing and fifth generation (5G) mobile technology.