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Ericsson posts solid profit rise
http://www.sina.com.cn 2004/07/22 11:26  Shanghai Daily

  Wireless equipment maker LM Ericsson yesterday reported a strong gain in second-quarter profits citing growing demand from mobile phone operators for its network devices and payoffs from a cost-cutting spree last year that saw the company trim thousands of jobs.

  The world's largest supplier of equipment for wireless phone networks reported a profit of 5.3 billion kronor (US$710.1 million), or 0.33 kronor a share, for April to June compared to a loss of 2.7 billion kronor, or 0.17 kronor, in the same period last year.

  Analysts had expected the company to post pretax profits of about 5.5 billion kronor. Its actual pretax profit was 7.7 billion kronor.

  Sales grew 18 percent to 32.6 billion kronor, led by the rollouts of third-generation cellular networks throughout Asia, Europe and parts of North America, the company said.

  For the first six months of the year, Ericsson said its net income was 8.3 billion kronor, compared with a loss of 7 billion kronor in 2003.

  "Confidence has returned to the industry," Ericsson President and Chief Executive Carl-Henric Svanberg said, adding that 3G rollouts, expansion of GSM capacity worldwide and upgrades by operators to EDGE networks resulted in the momentum of growth.

  (The Associated Press)




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