European consumer electronics maker Thomson said its fourth quarter revenue fell 15.6 percent due to the strengthening euro.
Revenue was 2.3 billion euros (approx. U.S. $1.8 billion) in the 3-month period ending Dec. 31, 2004, down from 2.7 billion euros (approx. $2.2 billion) in the fourth quarter of 2003.
Excluding the foreign currency impact, Thomson said its revenue grew 6 percent for the full-year period, in line with its earlier guidance. The company said revenue last year was 7.9 billion euros (approx. $6.4 billion), down from 8.5 billion euros (approx. $6.8 billion) in 2003.
The company, which launched a drive to shift its business away from making cathode ray tubes (CRT) for televisions towards more high-growth media activities last year, said currency movements stripped 118 million euros (approx. $94.5 million) from its fourth quarter revenue.
Fourth quarter revenue was also reduced through the disposal of a TV business, Thomson said. (Dow Jones)
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