The logo of Huawei Technologies is pictured in front of the German headquarters of the Chinese telecommunications giant in Duesseldorf, Germany. File photo/Reuters
SHENZHEN/HONG KONG: China’s Huawei Technologies, the world’s third-largest smartphone maker, reported a 25 per cent jump in 2018 net profit, buoyed by a solid performance in its home market and a booming smartphone Business.
Shenzhen-based Huawei raked in a net profit of 59.3 billion yuan ($8.8 billion), compared to a 28 per cent rise in 2017 and a big rebound from a 0.4 per cent increase in 2016.
The outlook for Huawei is clouded by US accusations that its telecoms network equipment could be used for spying by the Chinese government and calls to allies from Washington to ban Huawei from building next-generation mobile networks.
Huawei has repeatedly said Beijing has no influence over it.
Huawei’s revenue grew 19.5 per cent 721.2 billion yuan last year, in line with what it had earlier flagged.
That marked the fastest pace of Business growth in two years for Huawei, despite heightened scrutiny of its activities.
A senior company executive said earlier this week that the US campaign against Huawei was having little impact on the company’s sales and that it was unlikely many countries would heed the US call to ban its gear.
The company expects revenue to jump to $125 billion in 2019. ($1 = 6.7349 Chinese yuan)
US FedEx Corp on Friday again apologised and blamed Washington’s ban on Huawei for being “unclear” as Beijing deepened an investigation into why the delivery firm was holding up packages meant for the telecoms equipment maker.
China on Saturday increased tariffs on billions worth of US goods as it prepares to unveil a blacklist of “unreliable” foreign companies that analysts say aims to punish US and foreign firms cutting off supplies to telecoms giant Huawei.
European stocks slipped on Monday as concerns about an escalating fallout from a US crackdown on China’s Huawei Technologies offset a slightly more positive tone on trade.
Russian President Vladimir Putin, US President Donald Trump and Saudi Arabia's King Salman, discussed the OPEC+ oil group meeting in a phone call on Friday and confirmed their aim was to stabilise the global oil trade, the Kremlin said.
In support of the international efforts to address the Covid-19 pandemic, The Ministry of Finance (MoF) participated in the virtual G20 meetings, which took place over the past three days.
The pandemic sweeping the world will turn global economic growth “sharply negative” in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the head of the International Monetary Fund said.