Huawei's Annual Report Indicates Company Profits Up By 30%

Chinese telecom equipment maker Huawei reported a massive 30 percent rise in profits in 2010 and revealed details of its board members in a bid to improve the company’s image.

The privately held firm revealed its annual financial report that it had made a net profit of 23.8 billion yuan or $3.64 billion in 2010, 30 percent more than 18.3 billion yuan in 2009.

The company, which competes with the likes of Nokia Siemens, Ericsson and ZTE, attributed the sharp rise in profits to the rise in overseas sales and growth in its business. The company essentially offers telecom network equipment, devices and global services.

Experts expect the company to grow for the next 3-4 years as it continues to take strides in the US and European telecom market.

Along with financial report, the company also released the details of its board members. The details include names, photos and short biography of each of its directors, which include an ex-Chinese army man Ren Zhengfei, who had started the company with just $3,200.

Huawei released the details of the board members after people claimed that the company was not transparent enough.

"This demonstrates that Huawei continues to work toward transparency and standardization," the company said in an e-mail statement.