Smartphone maker Xiaomi’s net profits rose 84% last year to RMB3.46 billion (US$566 million) from RMB1.88 billion in 2012 as revenue more than doubled to RMB27 billion, The Wall Street Journal reported, citing a confidential document the company presented to banks in a recent pitch to raise US$1 billion in loans for overseas expansion or acquisition. The four-year-old company, which a few months ago surpassed Samsung Electronics (005930.KRX) as the biggest smartphone vendor in China by shipments, also forecast a 75% net profit increase in the document.
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