Paris, March 9: France's Thomson Multimedia, a consumer electronics company which cost taxpayers billions of francs in a state bailout, reported a slim operating profit for 1997, but remained deeply in the red.Thomson Multimedia, which makes television sets and owns the RCA brand in the United States, posted a 1997 operating profit of 143 million francs, turning round a prior year loss of 681 million. The net loss, after payment to minority shareholders, was 2.78 billion francs, compared to 3.4 billion in 1996.
The previous conservative French government raised a public outcry when it tried to sell off Thomson Multimedia for a symbolic one franc, in view of its deep losses.
But the sale was cancelled and the state agreed to inject 10.9 billion francs in cash to prop up the company.The company said it expected major improvements in its operating and net results this year.
"The 1998 year, of which the first two months have been in line with forecasts, should see a very significant continuation of theimprovement in the operating result and net result by giving priority to profitable growth of business activities," the company said in a statement with 1997 results.
