In a statement, Huawei said the figures eclipsed the US$104.5 million (A$134.3 million) figures from 2007 by some 240 per cent.
Revenue contribution from wireless products rose to 33.1 per cent of total revenues in 2008, up sharply from 11.6 per cent in 2007.
Terminal products accounted for 42.5 per cent of the total contract sales, whilst fixed network sales revenues reached 24.4 per cent.
"Huawei is maintaining incredible financial growth globally and locally, despite the global financial crisis and we expect the momentum to continue this year," Huawei's local CTO Peter Rossi said.
"We continue to hire local staff, as our business growth continues."
Huawei said it believes the Federal Government's plan to roll out a national broadband network "will significantly impact the company and the broader industry for years to come".
"With our strong international track record in Fibre-to-the-Premises (FttP) deployments, we look forward to contributing towards discussions with all stakeholders in shaping this nation-building project," Rossi said.