Huawei on target

Huawei has released its financial results for the first half of 2011, showing healthy revenue and profits on the back of growth in the device and enterprise divisions.

Revenue grew 11% on the same period in 2010, reaching 98.3 billion Chinese Yuan (NZ$18.5 billion). Operating profit reached CNY12.4 billion (NZ$2.3 billion).

Cathy Meng, Huawei CFO, says the figures were in line with the company’s expectations.

"Although the global economy continues to face uncertainty, we remain confident in achieving our annual sales target of CNY199 billion (NZ$37.4 billion) with our device and enterprise businesses as new growth drivers.”

The device business, which has been making an impact on the market in New Zealand, grew 40% globally, to 72 million units. The handset business grew by over 100%, with smartphones at the centre of the growth.