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26.7.09

Swedish wireless equipment maker LM Ericsson AB says its second-quarter profits plunged 61 per cent partly because of restructuring charges and losses in its mobile phone unit, Sony Ericsson.

Ericsson said today net profit in the April-June period was 800 million kronor ($130 million), down from 2 billion kronor in the same three months last year.

Sales grew 7 per cent to 52.1 billion kronor, from 48.5 billion kronor in the second quarter of 2008.

Sony Ericsson, a joint venture with Japan's Sony Corp, last week posted a loss of 213 million euros ($371 million) in the second quarter. Chip maker ST Ericsson, another joint venture, also weighed on the parent company's results with a loss of $US213 million ($262 million).

Stockholm-based Ericsson, which had earlier seen limited effects of the global recession, said the downturn was now becoming more visible in the mobile network market.

"At the same time the consumer demand for new services and broadband capabilities are quickly accelerating and rollout of new technologies is ongoing in the world's leading economies,'' CEO Ericsson CEO Carl-Henric Svanberg said.



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