Huawei posts profit rise of 34 percent

Chinese telecom equipment giant Huawei Technologies Co Ltd posted a net year-on-year profit increase of 34 percent in 2013, thanks to strong domestic demand for speedier mobile network equipment and a rising status as one of the world's major smartphone vendors.

However, Shenzhen-based Huawei suffered a significant setback in the North America market. Despite this, the company enjoyed robust development in both network and consumer businesses in Latin American countries, Huawei's sales in overall Americas slipped 1.3 percent year-on-year to reach 31.4 billion yuan ($5.1 billion), mainly because of the alleged "national security concerns" that prevented it from expanding to the United States.

The Americas contributed the least to Huawei's total sales, while Europe, the Middle East and Africa market was the biggest revenue engine for the company, delivering 84.7 billion yuan in sales. Huawei earned 84 billion yuan, an increase of 14.2 percent year-on-year, from the Chinese market.