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Thomson Posts $32M Net In Half, Sales Up 12.3%

Thomson Multimedia (TMM), the French parent of Thomson Consumer Electronics, turned in its second consecutive half-year of positive earnings in the six months to June 30.

For the half TMM posted a net of $32 million, against a loss of $42 million in the same period last year, and revenue, at $3 billion, rose 12.3%.

TMM said its profitability was achieved even without the $85 million in royalty income received during the half from the former pool of RCA patents turned over to it by GE at the start of this year. Most of that revenue was used to finance "investments related to initiatives with our strategic partners," TMM said, and to offset a $37 million pre-tax reorganization charge.

Chairman Thierry Breton said TMM "is entering a into a new phase in its development, supported by profitable growth," and the company "is now focused on innovation and growth." Breton also set a goal of lifting TMM's net earnings ratio to 2.5% of sales for all of 1999.