France's Thomson posts 14 pct sales fall

21st April 2005, Comments 0 comments

PARIS, April 21 (AFP) - French electronics group Thomson said Thursday first-quarter sales fell 14 percent to EUR 1.62 billion (USD 2.12 billion) and reiterated its forecasts for the full year.

PARIS, April 21 (AFP) - French electronics group Thomson said Thursday first-quarter sales fell 14 percent to EUR 1.62 billion (USD 2.12 billion) and reiterated its forecasts for the full year.

But in its core media and entertainment businesses, sales rose 14.8 percent to EUR 1.35 billion, beating most analysts' expectations.

The group, which posted a sharp 2004 net loss, said the first-quarter results allowed it to confirm its 2005 full-year targets announced on March 3.

Those include 10 percent growth in core businesses revenue, at constant exchange rates, with stable margins, according to the international IFRS accounting standard.

Thomson shares were up 1.44 percent at EUR 19.78 in morning Paris trading, while the CAC 40 rose 5.03 points to 3,955.05.

Goldman Sachs had forecast core sales growth at 10 percent, sharply lower than the increase of 14.3 percent posted at EUR 1.35 billion.

Deutsche Bank had predicted EUR 1.330 billion, but Exane BNP Paribas had forecast a core EUR 1.371 billion.

Last month Thomson posted a sharp net loss for 2004 as it spun off consumer activities to Asian firms and focused on serving major media and entertainment groups.

The net loss of 636 million euros compared with 2003 net profit of EUR 26 million.

© AFP

Subject: French News

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