Acer raises 2003 financial forecast

JOHANNESBURG (01/20/2004) - Acer Inc. has announced an upward adjustment of its 2003 financial forecast. The company's single revenue forecast was revised to US$2.34 billion, marking a growth of 40.41 percent from the earlier forecast of $1.67 billion.

Operating income was adjusted to $62.93 million, a 78.01 percent growth over the previous $35.36 million. Meanwhile, profit before tax (PbnT) was raised to $225.36 million, 21.26 percent growth over the previous $185.85 million. Profit after tax (PAT) was revised to $212.19 million, a 20.83 percent growth over the previous forecast of $175.61 million.

"The adjustment in revenue was attributed to better than expected notebook sales by Acer in Europe of the final quarter of last year, while the rise in Acer Europe's operating income also contributed significantly to that of the company as a whole," says David Drummond, MD at Acer.

Disposal of stocks in the fourth quarter, including Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), Amkor Technology Inc. and Apacer Inc., and purchase of treasury stocks that resulted in an increase of earnings per share (EPS), further contributed to the financial adjustment.

Acer's consolidated financial figures were also adjusted. Revenue was revised to $4.48 billion, marking a growth of 15.87 percent from the earlier forecast of $3.87 billion.

Operating income was adjusted to $59.74 million, from the earlier forecast of $54.58 million. Profit before tax (PbnT) was raised to $240.55 million, a 28.12 percent growth over the previous $187.75 million. Profit after tax (PAT) was revised to $212.19 million, a 20.83 percent growth over the previous forecast of $175.61 million.

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