Dialing up 32 percent

2008-7-11  |     NEWSPAPER EDITION

HUAWEI Technologies Co, China's biggest telephone-equipment maker, said its profit rose 32 percent in 2007 on increased orders from clients such as Vodafone Group Plc and China Mobile Ltd.

Net income climbed to US$674 million, from US$512 million in 2006, the Shenzhen, south China-based company said in its annual report released yesterday. Privately held Huawei said sales rose 48 percent to US$12.6 billion.

Sinosteel CorpMidwest Board moves

Sinosteel Corp, China's second-largest iron ore trader, added three directors to the board of the Australian mining company Midwest Corp as it nears control following a A$1.36 billion (US$1.3 billion) takeover.

Two representatives of Sinosteel, Cheng Sijun and Wu Hongbin, have been appointed along with Australian lawyer and vice president of the Australia China Business Council, Ian McCubbin, Perth-based Midwest said yesterday in a statement to the Australian stock exchange.