China's Huawei reports '12 profit up 33 percent

(AP) Chinese tech giant Huawei has reported details of its 2012 financial performance as part of efforts to increase transparency and allay Western concerns the network equipment supplier might be a security risk.

The company's CFO, Cathy Meng, said at a news conference Monday annual profit rose 33 percent to 15.4 billion yuan ($2.4 billion). She said the event was the first of its kind and part of an effort to honor our commitment to transparency.

Privately owned Huawei has increased disclosures about its operations as it tries to allay security concerns in the United States, Australia and elsewhere that have hampered sales there. The company has denied suggestions it is controlled by the communist Beijing government and issued a pledge last year not to cooperate with spying.