Huawei forecasts 2012 profit jump of 33 per cent

Chinese telecoms giant Huawei said this morning it expects to report a 33 per cent year on year increase in net profits last year, and forecast stronger revenue growth for this year.

Net profit for 2012 is slated to come in at 15.4bn yuan (£1.5bn), a 33 per cent increase from the previous year, boosted by growth in Europe and Japan.

The privately-owned company said last year’s sales revenues are expected to increase by eight per cent year on year to hit 220.2bn yuan.

Cathy Meng, chief financial officer at Huawei, said that Huawei is forecast to grow overall revenue by between 10 and 12 per cent this year.