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Micronas: positively bucking the trend
The Micronas Group produced a positive performance in the third quarter of 2002, bucking the overall trend in the market. Micronas has now achieved sales growth in all three quarters of the current financial year. The net profit in percent of net sales also showed a further quarter-on-quarter increase. This trend means the reporting period can be described as a record quarter. It was a renewed vindication of Micronas's focus on high-end consumer and automotive electronics.
Consolidated net sales reached CHF 189.0 million, a 9.6 percent improvement on the previous quarter. Compared with the first nine months of 2001, net sales of CHF 522.5 million were up 23.7 percent or 28.2 percent after adjustment for currency effects.
The operating profit before depreciation and amortization of goodwill (EBITDA) amounted to CHF 63.6 million. This is equivalent to a rise of 23.7 percent on the previous quarter. The operating profit (EBIT) also improved in comparison with the second quarter. With a rise of 43.3 percent, the EBIT for the reporting period reached CHF 35.1 million. The cumulated EBIT for the first nine months of 2002 was CHF 79.7 million.
The net profit increased by 31.1 percent compared with the second quarter to reach CHF 19.8 million. For the first nine months of the current year, the total net profit amounted to CHF 43.1 million, earnings per share amounted to CHF 1.68, adjusted for amortization of goodwill after tax to CHF 2.12.
The positive run of business, powered by strong demand for Micronas products, resulted in over 95 percent loading of the further increased plant capacity by the end of the third quarter.
For the 2002 financial year as a whole, we expect net sales of around CHF 700 million and a net profit in percent of net sales of 7.5 to 8.5 percent.