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April 4, 1989

THOMSONCSF PROFITS RISE, BUT TURNOVER FALLS ON DELAYED PAYMENT FROM IRAQ

By CBR Staff Writer

French stateowned Thomson-CSF Group SA recorded net profit for 1988 up 14% at the equivalent of $494.2m on turnover down 6.6% at $5,585.7m. The company remains in second place in defense electronics to General Motors Corp’s Hughes Aircraft according to Agence France Presse. The greater part of the turnover, 60%, came from foreign business, the split of business being France, 40%, the Middle East, 31%, the US, 9%, and the rest of Europe, 11%. The turnover was not as high as forecast because of a delayed payment of $383m from Iraq which Thomson hopes to include with its 1989 figures. Thomson-CSF has been restructuring since 1986, and the effort cost the company $161.7m last year, a figure that has proved difficult to budget for, since the amount of tax the company paid in 1988 rose by 31%. It also devoted a hefty $1,017m to research and development last year. Thomson-CSF’s 50%owned subsidiary, SGS-Thomson Microelectronics BV made a net loss of $26.5m, down from $49.2m last year.

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