Thomson SA of France, the maker of RCA and GE televisions, said it posted a 46 percent increase in second-half profit as cost-cutting and acquisitions compensated for lower demand for consumer electronics. The company also said it would pay its first-ever dividend.
Net income was 251 million euros (U.S. $269 million), up from 171 million euros in the year-earlier period.
The consumer electronics maker said it would pay a
2002 dividend of 22.5 cents a share. But conditions remained
"difficult," said Julian Waldron, CFO. "We are confident we can reach our targets for 2003, thanks to our potential for cost control."
Thomson's sales of consumer electronics fell 20 percent to 2.75
billion euros and operating profit dropped by more than half. The
division, which now accounts for less than half of Thomson's
revenue, was hurt by a strike at ports on the U.S. Pacific coast.
to Daily News