Chinese tech giant Huawei's net profit jumps 33%

Chinese tech giant Huawei Technologies says profits jumped a third last year, boosted by strong performances in all its businesses.

The world's second biggest telecoms equipment maker said its net profit was 27.9bn yuan ($4.5bn; £3bn), up from 21bn yuan in 2013.

That matched the company's forecasts announced in January.

The firm, which is also a major smartphone maker, saw revenues rise by 21% over the year.

"Our cash flow, revenue, and profit all grew over the previous year," said chief financial officer Meng Wanzhou in a statement on Tuesday. "Moreover, our debt and financing structures have continuously improved."

Foreign exchange gains also had a big impact on the company's earnings, because it generates more than 60% of its revenue abroad.

Huawei's growth comes despite it facing challenges in several major economies. In the US, it was branded a national security threat by legislators, because of its alleged close ties with the Chinese government.

Meanwhile, it has been banned from being involved in broadband projects in Australia over espionage fears.

However, the company said it was well positioned to capture business opportunities with heavy investment in innovative areas such as cloud computing and fifth generation (5G) mobile technology.