Chinese telecommunications giant posted a modest rise in net profits last year amidst a Sino-US trade stoush that saw a ban placed on its access to the American market.
Huawei released its 2019 annual report online on 31 March, indicating that its sales revenues were 858.8 billion yuan, for a YoY rise of 19.1%.
Net profits were 62.7 billion yuan, for a YoY increase of 5.6%.
Huawei director Xu Zhijun (徐直军) said during a press conference that “2020 will be the most difficult year for Huawei” following the COVID-19 outbreak.
“2019 was a year full of challenges, and we have large-scale reserves to respond to customer demand,” Xu said.
“This year industry circles forecast that our reserves will quickly be used up, and that it will also be a year which will test the critical role of continuity.
“The novel coronavirus is another circumstance that we hadn’t expected, which is bringing global economic recession and turmoil, all of which are new challenges we did not anticipated.”