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Sony Ericsson profits up over 50 pc in second quarter

The Japanese-Swedish mobile telephone manufacturer reports a 53.8 per cent surge in net profits for the second quarter of 2007.
AFP | By HT Correspondent, Tokyo
UPDATED ON JUL 12, 2007 10:09 AM IST

Sony Ericsson on Thursday reported a 53.8 per cent surge in net profits for the second quarter of 2007 as the Japanese-Swedish mobile telephone manufacturer enjoyed double-digit sales growth.

Net profit came to €220 million ($303 million) in the three months to June, up from 143 million in the same period of the previous year, Sony Ericsson Mobile Communications AB said in a statement.

Revenue jumped by 37.0 per cent from a year earlier to €3.11 billion. Pretax profit grew 55 per cent to €327 million, missing consensus market forecasts for a figure of just over €380 million.

"Sony Ericsson has continued to capture market share in a more competitive market place with a product offering that addresses a wider consumer audience than ever before," said Sony Ericsson president Miles Flint.

"We expect the market in 2007 to remain competitive, but with recently announced products such as the flag-ship Walkman and Cyber-shot models we aim to continue to grow faster than the market," he said in the statement.

Sony Ericsson shipped 24.9 million mobile telephones in the second quarter, up 59 per cent from a year earlier.

The company -- a joint venture created by Swedish telecoms giant Ericsson of Sweden and electronics behemoth Sony Corp of Japan -- said it continued to capture market share in Latin America, Europe, the Middle East and Africa.

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