Huawei profit down 22 percent in 1H, blames economy

Huawei Technologies says the global economic situation and telecom equipment market remains a "significant challenge", but it continues to maintain robust growth momentum.

In a statement Tuesday, the Chinese firm announced a 22 percent drop in profit for the first half of 2012 to 8.79 billion yuan (US$1.4 billion) from last year. This was despite a rise in revenue of 5.1 percent to 102.7 billion yuan (US$16.07 billion).
"In 2012, Huawei outlined our new pipe strategy and we will focus even further on this approach moving forward to ensure more effective growth and greater efficiency to drive continued improvements in operating performance," said Meng Wanzhou, CFO of Huawei.
She added that the company was relatively optimistic in its operating performance and profitability for the remainder of 2012.