(Yicai Global) March 31 -- Huawei Technologies, the world's top telecoms equipment maker, posted the slowest increase in full-year profit in three years a overseas sales softened.
Net profit rose 5.6 percent to CNY62.7billion (USD8.83 billion) in the year ended Dec. 31 from a year earlier, the Shenzhen-based company said in its earnings report released today. Profit increased 25 percent in 2018 and 28 percent in 2017. Revenue last year gained 19.1 percent to CNY858.8 billion.
The company's China business contributed CNY506.7 billion in revenue, up 36.2 percent, while business in the Americas rose 9.6 percent to CNY52.5 billion. Income from Europe, the Middle East and Africa edged 0.7 percent higher to CNY206 billion, and the Asia Pacific market contributed 13.9 percent less, falling to CNY70.5 billion.
Huawei delivered 240 million handsets in the year, contributing to its consumer product sales reaching CNY467.3 billion, a 34 percent increase. Revenue from its enterprise business was CNY89.7 billion, up 8.6 percent, while income from its operator business rose 3.8 percent to CNY296.7 billion.
Spending on research and development stood at CNY131.7 billion, 13.7 percent of revenue. Huawei's R&D expenditure is expected to top CNY600 billion in 10 years.