Chinese technology giant Huawei posted a 32.7 percent lift in revenue in Australia in 2015, rising from $484 million to $642.2 million at the end of December.

A breakdown of the revenue saw the sale of goods contribute $499.1 million; services contributed $116.2 million; and construction accounted for $26.9 million. Net assets stood at $49.66 million, rising by 40 percent from the $35.48 million reported in December 2014, while cash and cash equivalents were $36.52 million, up by 60.6 percent from last year’s $22.74 million.

But R&D funding was down. Huawei Australia last year spent $8.25 million on R&D, down 18.1 percent from the year before, when it spent $10.077 million.

Globally, Huawei recorded a net profit of US$5.7 billion, up 33 percent year-on-year on revenue of $60.8 billion, which was largely attributed to its consumer business.