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Bang & Olufsen raises FY pretax forecast slightly after 'satisfactory' H1


Published : Wed, 10 Jan 2007 14:16
By : Agencies
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COPENHAGEN (AFX) - Bang & Olufsen AS raised its pretax profit forecast for the year ending May 31, 2007 to 470-510 mln dkr from 460-500 mln previously to reflect the proceeds of the sale of the group's 65 pct stake in Bang & Olufsen Medicom AS.

The group said the first half developed satisfactorily, with pretax profit rising 29 pct from a year earlier to 238 mln dkr from 185 mln.

Operating profit rose to 240 mln dkr from 190 mln, and sales rose 8 pct to 2.07 bln dkr from 1.92 bln.

Analysts polled by newswire RB-Boersen expected the group to post pretax profit of 207 mln dkr and EBIT of 211 mln dkr for the first six months, on sales of 2.10 bln dkr.

Bang & Olufsen said sales development was satisfactory in all important markets.

A difficult first quarter in the US was offset by a good second-quarter performance, which resulted in a 7 pct year-on-year increase in sales.

michael.delaine@afxnews.com

mdl/jlw

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