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November 25, 2003

Phonak turns a profit again

From: Neue Zürcher Zeitung, Switzerland - Nov 25, 2003

Hearing aid manufacturer Phonak reported on Tuesday that it had returned to the black, posting a first-half net profit of SFr25.8 million ($19.61 million).

Sales for the first six months reached a record level of SFr300 million, boosted by strong sales of new products and signs of market growth in some markets.

This represented a 13 per cent increase over the March – September period last year.

The news sent the share price rising by more than six per cent in early morning trading at the Zurich stock exchange to SFr28.30 from Monday’s close of SFr26.60.

Shares in the company, which is based in Stäfa, canton Zurich, have risen by more than 100 per cent over the past 12 months.

Phonak, which provided communications systems for Switzerland’s victorious America’s Cup team Alinghi, said in a statement that earnings before interest, tax and amortisation had jumped 50 per cent compared with the comparable period last year to SFr39 million.

The company said in its outlook that its sales target for the year as a whole was SFr600 million.

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