Annual Earnings - OEM International 2003: OEM turns the trend
Annual Earnings - OEM International 2003: OEM turns the trend OEM International improved profit before taxes for the fourth quarter 2003 to 4,8 SEK million (2,1). Turnover during the period was 340 SEK million (376). For the entire year the profit before taxes increased by 56% to 53,4 SEK million (34,3) and the turnover was 1 428 SEK million (1 534). - The result is a substantial increase compared with last year, but it is still on a low level. Concerning the profit for the whole 2003 that part of operations that are directed towards the traditional industry has improved profit with maintained turnover, says Jörgen Zahlin, CEO of OEM International. On the whole we have been able to turn the downward trend in profits and are now climbing upwards again. - The adjustments and rationalisations that have been necessary to adapt the Group to present demand have i.a. led to the reduction of the average number of employees in the Group from 701 to 636. Group Electronics has a continued reduction in turnover with a drop in profit as result, while the Cyncrona companies in group Electronic Production (EP), earlier in crisis, now turned a loss of 20 SEK million last year to a profit of 7 SEK million. The profit of the remaining groups have improved in spite of a somewhat lower turnover. - Thanks to our gaining market shares we keep the sales up in spite of a continued low demand. Our work with range and our close co-operation with customers strenghten our competetiveness. We are looking forward to year 2004 with a certain optimism, Jörgen Zahlin concludes. During the year equity/assets ratio has improved to 61 percent (55). An unaltered dividend of SEK 4,50 pro share is proposed to the general assembly. Further information, please contact: Jörgen Zahlin, CEO of OEM International AB, phone +46-709-760 695 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/20/20040611BIT20330/wkr0006.pdf