China's Huawei posts higher profit as smartphone sales hit record

Huawei poses national security risks, says UK watchdog

The firm's revenues surged 19.5 percent last year, the highest in two years, and was due to a high number of smartphone sales in China.

The company's chief financial officer was arrested in December in Canada on USA charges of lying to banks about dealings with Iran.

Huawei will continue to strengthen operational compliance, ensure business continuity and sustainability, and cultivate an open ecosystem where all players collaborate and prosper together, Guo added.

Huawei has announced sales of 5G networks to a handful of foreign mobile phone companies and has contracts with major carriers in Britain, South Korea, Germany and other countries for field testing.

Last month, Huawei fired back at the criticism and sued the USA government, claiming it failed to produce evidence to back up concerns that the company poses a security threat and said that its law is unconstitutional.

Consumer business sales hit a record 348.9 billion yuan in 2018, with Huawei shipping some 206 million handsets. "The conclusion reported back to the Oversight Board is that Huawei's basic engineering process does not correctly manage either component usage or the lifecycle sustainment issues, leaving products unsupportable in general", the report states.

Net profit rose to ¥59.3 billion (RM36 billion) previous year, the company said in a statement.

The issue took centre stage at the press conference for foreign and worldwide media at the company's Shenzhen headquarters.

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A Huawei spokesman said: "The oversight provided for in our mitigation stratey for Huawei's presence in the U.K.is arguably the toughest and most rigorous in the world".

Separately, China's commerce ministry said on Thursday that Japan's decision to curb government purchases from Huawei and ZTE Corp could hurt bilateral ties if Tokyo's actions are deemed unfair. Huawei is reporting a 28% increase of net profits at $8.8 billion for 2018 versus only a 0.4% increase in 2017 over 2016s profits. "[Our] work has continued to identify concerning issues in Huawei's approach to software development bringing significantly increased risk to United Kingdom operators". It has launched a more aggressive strategy in recent months to counter what it sees as an American "smear" campaign.

The Shenzhen-based company invested a total of 101.5 billion yuan in R&D in the past year and took the fifth spot in the 2018 EU Industrial R&D Investment Scoreboard, in accordance with the company's 2018 Annual Report.

The problems unearthed by HCSEC, however, suggest that the bigger threat is that Huawei gear could be hacked by just about anyone who cared to make an effort. We expect more large-scale deployment of 5G in 2019 ...

Huawei is asking a US federal court in a lawsuit filed this month to throw out a law that bars the Trump administration and government contractors from using its equipment.

The company says the concerns are unfounded.

Backed by the U.K.'s top cybersecurity agency, the review didn't call for an outright ban of Huawei's equipment in the country. "We have no motivation to commit suicide", said the company's chief legal officer Song Liuqing on Friday (March 29).

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