By Josh Horwitz
SHANGHAI (Reuters) – Huawei Technologies Co said on Monday that earnings from asset sales helped boost profit by 76% in 2021, in the first balance sheet under CFO Meng Wanzhou since returning to China last year after nearly three years held in Canada.
The net profit of 113.7 billion yuan ($17.8 billion) was a record, he told makers of consumer electronics such as smartphones and computers. Last year’s result of growth of just 3.2% in 2020 was boosted by asset sales following US sanctions and weaker domestic demand amid the coronavirus pandemic.
Revenue fell 29% to 636.8 billion yuan, in line with Huawei’s previous forecast released in December.
Meng’s arrest in Canada came shortly before the US government imposed a trade ban on Huawei, with the administration of former President Donald Trump citing unproven national security concerns. The restrictions prevented the company from using the Android operating system on its new smartphones, among other key US-origin technologies.
Meng was detained in December 2018 in Vancouver after a New York court issued an arrest warrant, saying she tried to cover up attempts by Huawei-linked companies to sell equipment to Iran in violation of Washington-imposed sanctions.
The executive was allowed to return to China in September last year after reaching an agreement with US prosecutors to close a bank fraud case, and returned to work the following month.
In the years since the US sanctions, Huawei has increased research and development in areas such as green energy and autonomous driving. The company also increased sales of its line of consumer hardware products. Wearables and smart displays revenue grew 30% year on year, Huawei said.
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