Ericsson surprises with 224pcprofit leap

STOCKHOLM, April 27 (AFP): Swedish giant Ericsson, a world leader in making telecommunications equipment, recorded a 224-per cent rise in first-quarter net profits, higher than expected, a company statement said Wednesday. From January to March, the company recorded group net profits of 4.1 billion kroner (460 million euros, 675 million dollars), up from 1.26 billion kroner for the same period in 2010. The figure was higher than the three billion kroner which analysts consulted by the Dow Jones newswire had expected. Turnover was helped by a 39-per cent increase in sales in North America; a 46-per cent rise in Central Asia and northern Europe, and a 17-per cent; and a 74-per cent rise in China and North East Asia. "Sales in the first quarter were not impacted by the devastating earthquake and tsunami in Japan," said Hans Vestberg, president and chief executive officer of Ericsson.