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Sony Ericsson Q4 Sales Jump 16%

1/20/2004 01:08:00 PM Eastern

Tokyo — Phone maker Sony Ericsson Mobile Communications, the 50-50 joint venture of Sony and Stockholm, Sweden-based Telefon AB L.M., reported a 16 percent sales increase in the fourth quarter, hitting $1.8 billion, up from $1.5 billion in the year-ago period.

The company, which was founded in 2001, posted its second consecutive profitable three-month period, following steady losses in the past three years, reaching a net profit of $53.1 million in the fourth quarter, compared with an $85.2 million loss in the same three months a year earlier.

Income before taxes reached $56.8 million in the fourth quarter, which includes restructuring charges of $11.1 million, compared with a loss before taxes of $95.1 million year-over-year.

Sony Ericsson, enjoying continuing success with its new T610 line of camera phones, shipped in the fourth quarter, which offer color screens and entertainment features, shipped 8 million mobile phones overall in the fourth quarter, 13 percent better than the 7.1 million shipped in the same period the previous year.

Sales for the year climbed 12 percent, to $5.8 billion, up from $5.2 billion in 2002. The company reduced its net loss for the 12 months, to $106.2 million, compared with a net loss of $297.7 million year-on-year.

Sony Ericsson reduced its loss before taxes for the 12 months, to $160.6 million, including restructuring charges of $77.8 million, compared with a loss before taxes of $359.5 million in the same period in 2002.

Mobile phones shipped in the 12 months came in at 27.2 million, 19 percent above the 22.9 million shipped in 2002.

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