Huawei gained 3.2% more in 2020 despite the impact of US sanctions
Shanghai, China, March 31 (efe-epa).- Chinese technology firm Huawei announced Wednesday that its net profit increased by 3.2 percent to 64 billion yuan ($ 9.8 billion dollars) in 2020, suffering the impact of the sanctions imposed by the United States Government.
The company, which is not listed on the Stock Exchange, said that during 2020 its total turnover rose 3.8 percent year-on-year to 891.4 billion yuan.
Operating cash flow was reduced by 61.5 percent, to 35.2 billion yuan although during the presentation of the results, the rotating president of the company, Ken Hu, said this figure is in line with what Huawei expected and continues to remain at a “healthy level”.
The Chinese market, which accounts for 65 percent of Huawei’s turnover, made “excellent” progress, while in other geographical areas the company registered reductions in its business “partly due to the pandemic and also due to the impact on supply.” But these changes were also, according to Hu, “in the expected range.”
After Washington blacklisted it in May 2019 for alleged links with Chinese intelligence, the sanctions imposed by the US ended up preventing it from accessing US components and technology such as the Android operating system. This meant that in the last quarter of 2020 it fell, for the first time in six years, from the ‘top 5’ of global mobile sellers. EFE-EPA