INTEL reported bullish fourth-quarter figures last night, with both profits and sales coming in ahead of forecast. The strong end to 2002 means staff will get a bonus exceeding €1,000 per person.

The world's leading maker of semiconductors, which employs just over 3,000 people at its Irish operations in Leixlip, Co Kildare, recorded profits after tax of $1 billion or 16 US cents per share on turnover of $7.2 billion. The profit figure was more than double the corresponding result for the same quarter in 2001 with sales up 3 per cent over the same period.

Wall Street had been looking for profits of around 13 US cents per share and sales of $6.9 billion. The profit figure was ahead of even the most optimistic forecasts but the year ago comparison was distorted by changes in accounting rules governing amortisation of goodwill.

Employees will get a 4.5 per cent bonus in through an employment cash bonus programme. They will also receive a sum equivalent to 1.66 per cent of annual salary through the employee bonus scheme.

"The year ended with a strong quarter," said Mr Craig Barrett, Intel chief executive. He said it appeared the company had increased market share in most of its product areas.

"In 2003, we will continue to improve our competitiveness and cost structure so we can continue to outperform now and when the economic picture improves."

The company was cautious in its outlook for the traditionally slow first quarter, setting a sales target of between $6.5 billion and $7.0 billion, compared with $6.8 billion in the same period last year.

Intel's 2003 capital budget of $3.5 billion to $3.9 billion was less than the expected amount of $4 billion. - (Reuters)