Huawei saw its annual profit slashed by more than half as revenues rose in 2011, according to numbers released Monday.
The company's sales revenues of CNY 203.9 billion (US$32.4 billion) was a more than 11-per-cent improvement from 2010.
"Huawei's 2011 business performance was buoyed by impressive growth achieved by the consumer and enterprise business groups," Huawei stated.
"In particular, the consumer business group saw robust growth in the smart devices segment, shipping close to 150 million units last year."
Its net profit was CNY 11.6 billion (US$1.8 billion), a decline of more than 52 per cent from last year. But the company also noted it has boosted research and development investments by 34 per cent.
"The significant commitment to innovation, which represents 11.6 per cent of total annual sales revenues, is a core pillar of Huawei's business strategy, which sees the company positioning itself to leverage high-growth areas and industry growth fundamentals for continued success."
The Shenzhen, China-headquartered telecom company has a research and development lab in Kanata.