SHENZHEN, China: China's Huawei Technologies reported its smallest annual profit increase in three years, hurt by weak overseas sales amid an intensifying US campaign to restrict its global expansion due to security concerns.
Accusing Huawei of being a threat to national security, Washington placed the company on its so-called Entity List, which restricts sales of US-made goods and some other items made abroad that contain US technology. The United States alleges the Chinese government could use Huawei equipment to spy, an accusation Huawei has rejected."We will need to further adapt to the long-standing restrictions imposed by the Entity List, while also addressing the impact of the ongoing COVID-19 pandemic," Liang Hua, chairman of the board, said in a report posted on its website.
That was mainly driven by China, where sales surged 36.2 per cent to 506.7 billion yuan. In contrast, revenue from the Asia-Pacific region excluding China fell 13.9 per cent, while in Europe and the Middle East sales grew just 0.7 per cent.
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