Chinese telecom equipment major, Huawei announced its financial results for the year ended 2008 wherein the company posted profit of $1.51 billion as compared to $956.9 million recorded a year ago at 20 percent growth rate.

Revenues too increased by 43 percent to $18.33 billion from $ 12.84 billion for the previous year.

For the current fiscal, the company expects to achieve contracts of $ 30 billion at yearly growth rate of 29 percent.

The company claimed that almost three-fourth of its sales came from outside China.

Huawei’s performance is note worthy because its other rivals from Europe and North America like Ericsson, Alcatel-Lucent, Motorola etc have witnessed drop in profits or even loses. Nortel in fact has filed for bankruptcy.

Huawei had earlier claimed to be one of the top players in terms of bagging new contracts in the last couple of years.

The firm along with ZTE are giving a formidable challenge to established players including Ericsson which happens to be the market leader as of now.