Huawei earnings up 34% in 2013

Chinese telecommunications equipment maker Huawei Technologies on Monday reported a 34% increase in 2013 profits, the fastest growth in earnings for four years, BBC News reported. Net profit for 2013 was US$3.38billion (RMB21 billion), compared with US$2.51 billion the year before, the company said in its annual report. Huawei said the growth was due to strong demand from China, as the country expands its 4G mobile network technology. China accounted for one-third of the company’s total revenue. Huawei expects revenue will grow by 10% this year, and is hoping for global sales of US$70 billion by 2018.