HP Q4 profit up 5 pc to $2.53 bn on robust sales

Technology giant Hewlett-Packard (HP) has reported 5 per cent growth in net earnings to $2.53 billion for the quarter ended October 31

Technology giant Hewlett-Packard (HP) has reported 5 per cent growth in net earnings to $2.53 billion for the quarter ended October 31,on the back of robust sales of server and storage business and strong performance in emerging markets,including India.

In the year-ago period,the company had a net earning of $2.42 billion,HP said in a statement. The companys net revenue rose to $33.27 billion in the fourth quarter ended October 31 from $30.77 billion in the same quarter of last fiscal,clocking a gain of eight per cent. The company has attributed its decent quarter numbers to demand in PC,server and storage business and good performance in BRIC (Brazil,Russia,India and China) countries.

HP continued to execute in the fourth quarter,delivering growth,expanding margins and increasing earnings per share in double digits. We continue to invest in the business,in sales and in R&D,while driving further efficiencies, HP executive vice-president and CFO Cathie Lesjak said.

During the quarter,BRIC countries have emerged as the best performer with revenue increasing by 12 per cent and accounting 10 per cent of the overall companys revenue. While revenue from Asia Pacific operations swelled by eight per cent to $5.8 billion,revenues rose by 10 per cent in the Americas to $15.1 billion and it surged 6 per cent in Europe,the Middle East and Africa to $12.4 billion. Looking ahead,the company said it has raised its revenue forecast to $126 billion for the full fiscal year 2010. HP said its revenue from Enterprise Storage and Servers (ESS) reported total revenue of $5.3 billion in the fourth quarter,up 25 per cent from year-earlier.