Acer raises 2003 financial forecast

Better than expected notebook sales in Europe have led Acer to announce an upward adjustment of its 2003 financial forecast. The company`s single revenue forecast was revised to $2.34 billion, marking a growth of 40.41% from the earlier forecast of $1.67 billion.

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

"The adjustment in revenue were attributed to the 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.

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Disposal of stocks in the fourth quarter, including TSMC, Amkor and Apacer, 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% 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 (PBT) was raised to $240.55 million, a 28.12% growth over the previous $187.75 million. Profit after tax (PAT) was revised to $212.19 million, a 20.83% growth over the previous forecast of $175.61 million.