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Gemalto Posts 7.4% Drop in First-Half
Gemalto has announced first-half profit fell 7.4 percent on tax expenses.
Net income declined to 63 million euros ($79 million) from 68 million euros a year earlier, the Meudon, France-based company said today in a statement. Sales rose 5 percent to 840.1 million euros.
Gemalto and other chipmakers are looking to profit as more appliances, industrial equipment and government documents require electronics. The company bought Germany’s Cinterion Wireless Modules GmbH in June for $163 million, adding to its “machine-to-machine” technology for products such as utility meters.
“Gemalto’s first-half performance is in line with our plan to increase profit from operations for the full year,” Chief Executive Officer Olivier Piou said in the statement.
The company said it is targeting revenue of more than 1 billion euros in the second half, a record for Gemalto.
The company said in April that it aims for sales and profit to rise this year and reiterated a target for 2013 of 300 million euros in earnings before interest, taxes, depreciation and amortization and excluding one-time charges including acquisition costs.
To contact the reporter on this story: Matthew Campbell in London at mcampbell39@bloomberg.net.