7/24/2012 4:20:11 PM
Global economy and equipment market hits Huawei bottom line
Profits at Huawei have fallen by more than a fifth, with the manufacturer blaming the sluggish global economy and the 'significant' challenges facing the telecom equipment market.
Overall, the company recorded sales of CNY102.7bn (£10.35bn) for the first six months of 2012. However, operating profit was down 22% year on year to CNY8.79bn (£886.7m).
Huawei CFO Meng Wanzhou said: 'In 2012, Huawei outlined our new pipe strategy and we will focus even further on this approach moving forward to ensure more effective growth and greater efficiency to drive continued improvements in operating performance. We are relatively optimistic about our operating performance and profitability for the remainder of 2012.'
Editor: Graeme Neill