Huawei Australia’s Revenue Halved After 5G Ban
Lodgings with ASIC show that Huawei’s exclusion from the Australian 5G rollout has damaged its bottom line in the country, with close to half the revenue of its Australian subsidiary being wiped out.
In the year to December 3, 2020, Huawei Australia’s overall revenue fell 46 per cent, to $355.87m, while pre-tax profit dropped 49.4 per cent to $17.1m.
“Current year financial performance has continued to be affected by the Australian Federal Government’s announcement in 2018 around the 5G rollout,” said Huawei Australia director Lyu Qingchen.
“The adverse impact on the company’s financial performance from this announcement will continue in the subsequent years.
“The company will continue to pursue its objective of increasing its profitability during the next financial year, with particular focus on enterprise and consumer business.
“However, the scale in the carrier network business will continue to decline as a result of the 5G government in 2018.”