Huawei Technologies Co Ltd, a leader in providing next-generation telecommunications networks for operators worldwide, said Wednesday in its audited 2007 financial results that its revenue climbed 48% from a year earlier to hit US$12.56 billion last year, making it the fifth largest provider of telecom equipment in the world.

Net profit amounted to US$674 million in the same period, up 32% from US$512 million in 2006, said the statement, according to international accounting standards.

The Shenzhen-based company has realized steady revenue growth for five consecutive years, with concomitant contributions from international markets. It has supplied equipment to 70% of the world's top 50 telecom companies.

Huawei globally contracted for sales of US$16 billion in 2007, an increase of 45% from the previous year, with orders from international markets accounting for 72% of the total. It achieved a year-on-year growth of more than 150% in developed markets such as Europe, the U.S. and Japan.

Huawei, which is competing head-to-head with Alcatel-Lucent, Ericsson, Motorola, and Nokia, besides its domestic rival ZTE Corp<000063><763>, expects global contracted sales to expand 44% to reach US$23 billion this year.

 Source:China Knowledge