Huawei has reported a 19% rise in its full-year revenues to RMB149.1 billion (US$21.8 billion) while its net profit jumped to RMB18.3 billion (US$2.7 billion) from RMB7.8 billion (US$1.1 billion) a year ago. However, excluding the effects of change in exchange gains or losses totaling RMB6.9 billion between 2009 and 2008, net profit increased 26.5% in 2009 over the previous year.
Huawei noted that its overall growth eased during a year in which overall capital expenditures by telecom network operators declined. The 2009 operating margin was 14.1%, an increase of 1.2 percentage points from 12.9% in 2008.
"We see our business momentum continuing in 2010 and expect year-on-year revenue growth of 20% driven by increased deployments of mobile and fixed broadband networks, further take-up of customized smart devices, and higher demand for professional managed services." said Ken Hu, Chief Marketing Officer, Huawei.
Comprehensive initiatives to improve process efficiency and manage costs in 2009 saw total expense ratio (total operating expenses and other income as a percentage of revenue) decline 1.4% year-over-year. Huawei will continue to improve its operational efficiency by adopting recommendations from IBM and Accenture. Additionally, Huawei is moving towards a more decentralized structure that empowers employees, particularly those who serve customers directly, with greater flexibility to better respond to customer requirements.
The financial results were independently audited by international accounting firm KPMG.
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