Business

Huawei profits up more than 30% in 2015

CEO Richard Yu presents the accessories of the new product Matebook Image copyright Getty Images
Image caption Huawei's electronic products like mobile devices are allowed into the US market. Its new premium Huawei Mate 8 costs $644 for the base model.

China's tech giant Huawei said profits for the full year to December rose by 33% from a year earlier, boosted by demand for its smartphones, among other devices.

Net profit came in at 36.9bn ($5.7bn; £3.96bn), the firm said.

Strong sales in China and Western Europe have seen Huawei's smartphone business grow quickly.

Popular for its low-cost devices, Huawei is one of the biggest smartphone vendors behind Samsung and Apple.

The company is also one of the world's largest telecommunications firms.

But it has been blocked from running broadband projects in the US and Australia over espionage fears.

Its telecommunications devices for carriers, such as routers, are effectively banned in the US.

However, its other businesses, such as consumer electronic products, including mobile devices, are allowed into the US market.

The firm said its three business groups generated 395bn yuan ($60.8bn; £42.3) in annual revenue worldwide, up 37% from a year earlier.

It said a major highlight for the period was consumer division revenue, which rose 73% from a year earlier.

It said the rise had been driven by demand for its "high-quality products that deliver a premium user experience, as well as Huawei's growing influence as a consumer brand."

The firm has previously said it wants to shed its low-cost appeal and produce high-margin premium devices to challenge Samsung and Apple at the top end of the market.

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