China's Huawei says operating profit rose 17% in 2014

Chinese tech giant Huawei said its operating profit in 2014 rose by about 17% from the previous year.

The telecoms equipment maker's growth was driven by the global adoption of fourth-generation (4G) mobile technology.

Its revenue also increased by about 20% in the same period, the company said.

The Chinese conglomerate competes with the likes of Sweden's Ericsson for technology infrastructure such as mobile phone masts.

It is also in the race with other tech giants to develop 5G technology, while also being a player in the smartphone market.

Huawei's consumer business saw revenue rise by about 32% from a year ago thanks to the higher sales of its mid- to high-end range of mobile phones, it said in a statement.

The firm's growth comes despite it facing challenges in several major economies. In the US it was scrutinised for posing a security risk because of its alleged close ties with the Chinese government.

It has been banned from being involved in broadband projects in the US and Australia over espionage fears.

The company's final audited earnings results will be released in March.