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Romanel (pte032/23.04.2003/14:10) - Swiss computer accessory producer Logitech http://www.logitech.com has closed the business year 2003 with record profits. For the first time in its history, the company has crossed the billion dollar turnover line, as the company announced today.
Turnover rose by 17 per cent to 1.1bn dollars compared to the year before. Pure profits climbed by 32 per cent to 99m dollars. This is the fifth time in a row the company has been able to significantly boost its results. Operating profits also grew, climbing by 27 per cent to 124m dollars. Retail sales increased by 15 per cent compared to last year and OEM sales grew by 23 per cent.
"We are very pleased about these good results in such a difficult time for the hightech industry," said CEO Guerrino De Luca. "In a sluggish market characterised by a reduction in clients Logitech has been able to keep constant growth through the introduction of innovative products and efficient cost management," said De Luca.
Logitech expects a further increase in profits in the year 2004, with turnover growing to 1.21bn dollars and operating profits set to reach142m dollars.
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