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Redwood Shores (pte023/13.06.2003/14:28) - Oracle has released its financial results for the fiscal year 2002/2003, revealing a surprising increase in profits. In the fourth quarter the company boosted its net income by 31 per cent to 858m dollars compared to the same period year before.
In the last three months of the business year, turnover grew by only two per cent to 2.83bn dollars, while profits per share surpassed analysts' expectations at 16 cents http://www.oracle.com/corporate/press/index.html?1734560.html .
By its own report, Oracle made its greatest profit from the renewal of existing licenses, while turnover in new licensing increased only slightly and the service business declined by 11 per cent.
Oracle CEO Larry Ellison has expressed satisfaction with the results at a time when the market was dampened by the SARS epidemic and the War in Iraq. Ellison pointed out that Oracle managed to maintain its turnover, while other companies had suffered setbacks.
Oracle published its fiscal results in the midst of an attempt to take over the software group PeopleSoft. The board of directors of PeopleSoft has, however, rejected the hostile takeover and Oracle may soon be facing a lawsuit from J.D. Edwards accusing Oracle of interfering with his planned merger with PeopleSoft.
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