Huawei's profit jumps 20% in 2008

Huawei said its net profit for 2008 was up 20 percent, and the Chinese telecom equipment maker said it would stand by its bullish projections for contract sales in 2009.

The privately held company posted net profit of of $1.15 billion, up from $956.9 million in 2007. The company said revenue jumped 43 percent in 2008 to $18.33 billion, which is slightly above the unaudited revenue figure it provided in January. However, the company posted a $776 million loss because of the rise of Chinese yuan against the dollar and other currencies.     

Nonetheless, Huawei has boosted its presence in the infrastructure market, as larger competitors such as Alcatel-Lucent and Ericsson have struggled due to the weak macroeconomic environment. Huawei reiterated its forecast of 29 percent growth in contract sales for 2009, up from $23.3 billion to $30 billion.

Huawei has started to push more aggressively into the U.S. market, too, and at the end of March announced that it would provide the infrastructure for Cox Communications' 3G CDMA network.

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