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Sun: It doesn't shine anymore

The company that put the 'dot in dot-com' has seen its profits almost halved during the last three months.

By John Oates

Published: 20 April 2001 11:06 BST

Sun revealed profit for the third quarter ended 1 April was down 43 per cent on the last quarter. Turnover was up just two per cent to just over $4bn compared with the third quarter of 2000. Profit was down to $263m.

Chief executive Scott McNeally said: "The economy looks like a Bill Clinton lie detector test rather than a sine wave at the moment. I think we all have to get used to a more dynamic market."

Looking forward, the company expects some growth in turnover for the next quarter but warned that profits are likely to stay flat or fall slightly. Sun expects to add 500 people to its payroll but will reduce the number of contractors and other temporary workers.

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