TRUMP’S FAILED SANCTIONS: Huawei profits rise instead of decreasing

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BEIJING – Huawei’s revenues in the first half of 2019 reached 401.3 billion yuan (about $58.310 million), despite US sanctions, an increase of 23.2% over the same period of last year, the president of the company’s board of directors, Liang Hua, said.

“The company’s revenues in the first half of 2019 grew 23.2% year-on-year to 401.3 billion yuan,” Hua announced Tuesday at a press conference.

He added that despite US sanctions against Huawei, the Chinese telecommunications giant continues to grow in its businesses, which have remained strong in the first half of 2019 thanks to effective management and the excellent performance of all financial indicators, according to an official statement.

“Given the basis we created in the first half of the year, we continue to observe growth even after being included in the List of Entities; that does not mean that we do not have difficulties ahead, we have them and can affect the pace of our growth in the short term,” said the executive.

Liang Hua stressed that Huawei shows security in the future of the company and will continue with the planned investments, including the total of 120,000 million yuan (about $17,440 million) for research and development.

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The US Department of Commerce in mid-May included the company Huawei and its subsidiaries on a blacklist for allegedly threatening national security, which closes access to the purchase of parts and technologies from US manufacturers.

Huawei also appears in the list of companies with which it is prohibited to do business with US business circles without formalizing licenses.

Several US technology companies, including Intel, Qualcomm and Google, announced the suspension of supplies to Huawei.

The US Department of Commerce later issued a general license, effective until August 19, which delays the ban on doing business with Huawei.

Within the framework of the commercial and economic war between China and the United States, the two powers dispute the control of the fifth generation of mobile phone (5G) technologies.

Huawei estimates that US restrictions can have an impact on more than 3,000 million consumers worldwide.

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