- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
- Vietnam president reiterates support for Cuba during official visit
- Drought reduces Amazon River in Colombia by as much as 90%: report
- Stay or go? Pacific Islanders face climate's grim choice
- Florida bracing for 'unsurvivable' Hurricane Helene
- Poverty rises to over 52 percent in Milei's Argentina
- Chloe's see-through look may not be for Kamala Harris
- Champagne houses abuzz over English sparkling wine
- Macron, Trudeau pledge to work for 'decarbonized' economies
- Hurricanes, storms, typhoons... Is September wetter than usual?
- China stimulus, tech optimism boost stock markets
- 'Unsurvivable' Hurricane Helene races towards Florida
- Macron meets Trudeau in Canada as both face political setbacks
Huawei reports record net profit as exec Meng makes public return
Chinese telecoms giant Huawei on Monday reported record profit for 2021, defying the US sanctions aimed at it as executive Meng Wanzhou made her first public appearance since returning to China from Canadian custody.
The company has been caught in the crosshairs of a US-China trade and technology rivalry, with the administration of former President Donald Trump moving to cripple it over cybersecurity and espionage concerns.
The results, announced in Chinese tech hub Shenzhen, also marked the first return to the limelight of Meng since her high-profile return to China after nearly three years under house arrest in Canada.
Meng, daughter of CEO and founder Ren Zhengfei, spent the years in Canada fighting extradition to the US, as Washington accused her of defrauding HSBC bank by trying to hide alleged violations of US sanctions on Iran.
She returned home shortly after two Canadians were released from prison in China, ending a diplomatic row that poisoned ties between Beijing and Ottawa for years.
Huawei's revenue fell by around 29 percent last year to 636.8 billion yuan ($100 billion), as it grappled with US sanctions aimed at blocking access to key technology and supplies.
But the slump under US sanctions appears to be slowing, and the company said its net profits hit a new record -- surging 75.9 percent on-year to 113.7 billion yuan.
"Despite a revenue decline in 2021, our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty," Meng said in Monday's statement.
The company attributes its profitability to "improved product portfolios and more efficient internal operations", with a rise in net profit margin even with gains from the sale of its budget phone brand Honor excluded.
The company is not publicly listed and its accounts are not subject to the same audits as companies traded on the stock market.
Huawei, a supplier of telecom networking gear and smartphone brand, has been struggling since Trump launched a campaign to contain the company in 2018.
Smartphone sales stalled after the US cut Huawei off from key parts and barred it from using Google's Android services.
Last year Huawei logged 243 billion yuan in consumer business sales -- almost 50 percent down from 2020.
Huawei has instead tried to shore up other parts of its business, refocusing on the Chinese market and diversifying to encompass enterprise and cloud computing, along with other business segments related to 5G networks.
Rotating chairman Guo Ping said in a speech at the event that Huawei's ability to “survive and thrive" depends on ongoing investment in development.
"Our fight to survive is not over yet," Guo said.
"No matter what comes our way, we will keep investing. That is the only way forward."
The company's research and development investment amounted to 142.7 billion yuan last year, around 22 percent of its total revenue.
D.Goldberg--CPN