Ericsson Profits Up

The Swedish telecommunications giant Ericsson reported an unexpectedly strong rise in profits in the first quarter Friday.

But the world’s largest maker of telecoms equipment warned that the growth of the mobile phone market will be modest this year. The report was presented by CEO  Carl-Henric Svanberg.   

Ericsson’s net profit during the first three months of 2005 was just over 500 euros, a rise of 77 percent compared to a year earlier.