China's Huawei posts flat 2016 profit, revenue growth slows

[HONG KONG] Chinese telecom equipment and smartphone maker Huawei Technologies Co Ltd said on Friday that net profit edged up just 0.4 per cent last year, its slowest annual growth since 2011.

Huawei, the world's No 3 smartphone maker behind Apple Inc and Samsung Electronics Co Ltd, said net profit rose to 37.1 billion yuan (S$7.396 billion) Global revenue climbed 32 per cent to 521.6 billion yuan, slightly slower than 35 per cent growth a year earlier.

Revenue from its consumer business group rose 44 per cent to 179.8 billion yuan, lagging the company's own forecast of US$30 billion made a year ago. It shipped 139 million phones last year.

Revenue from its carrier business rose 24 per cent to 290.6 billion yuan.

REUTERS