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Elcoteq Releases Preliminary 2002 Results
January 28, 2003 |Estimated reading time: Less than a minute
Helsinki, Finland -- Elcoteq's net sales in 2002 totaled MEUR 1,840 (net sales in 2001: MEUR 1,862). The operating profit was approximately MEUR 25 (MEUR -18.4), and profit before taxes and minority interests was approximately MEUR 18 (MEUR -30.7).
Earnings per share (EPS) will exceed EUR 0.40 (EUR -1.08). Besides the company's good financial performance, another factor that will raise the EPS is the right, granted to the parent company during the final quarter of 2002, to deduct taxes on certain writedowns previously treated non tax-deductible.
Net sales in the fourth quarter of 2002 totaled MEUR 556 (Q4/2001: MEUR 532). The operating profit was approximately MEUR 18 (MEUR 4.9) and the profit before taxes and minority interests was approximately MEUR 17 (MEUR 2.9).
Based on actual figures so far and customers' forecasts Elcoteq estimates that its first-quarter net sales in 2003 will be roughly one-third higher than in the same period last year and reach approximately the same level as in the final quarter of 2002.
For more information on Elcoteq Network Corp., visit www.elcoteq.com.