Ericsson: '04 Net Profit SEK17.84 Billion Under IFRS Vs SEK19.02 Billion

STOCKHOLM -(Dow Jones)- Telefon AB LM Ericsson (ERICY) said Wednesday that its 2004 net profit would have been SEK17.836 billion under International Financial Reporting Standards, or IFRS.

Using Swedish accounting standards, Ericsson has already reported a net profit of SEK19.024 billion but is restating its 2004 figures in accordance with IFRS. As of Jan. 1, Ericsson has formally adopted IFRS but the restated 2004 figures will be given for comparision.

Operating profit under IFRS standards would have been SEK26.706 billion in 2004, compared with SEK28.938 billion using Swedish GAAP accounting standards. Sales are unchanged at SEK131.972 billion.

In the first quarter of 2004, net profit using IFRS would have been SEK2.680 billion compared to the SEK2.993 billion posted using Swedish accounting principles. Ericsson publishes its first quarter 2005 results on April 22.

Company Web site: http://www.ericsson.com
-By Rod Stone, Dow Jones Newswires; +44 207 842 9295; rod.stone@dowjones.com

(END) Dow Jones Newswires"

Posted to the site on 30th March 2005