Huawei Technologies Co. more than doubled its 2009 net profit thanks to higher sales, as the China-based company had predicted would happen.
Because of those deals, and favorable currency exchange rates, Huawei said its income rose to 18.27 billion yuan, or about $2.68 billion, last year. That was up from 7.85 billion yuan in 2008. Meanwhile, Huawei’s 2009 revenue also increased, from 125.22 billion yuan to 149.06 billion yuan, a 19 percent jump.
Privately held Huawei didn’t break down its sales by geography but told the Wall Street Journal that contract sales were up 53 percent in North America and 43 percent in Asia markets excluding China.
One of the key agreements Huawei forged last year was with Norway’s Telenor. Huawei is building the wireless network, replacing Ericsson and Nokia Siemens Networks gear.