Continued global expansion of EMV smart card programs helped drive revenue and profit growth last year for Gemalto NV’s Secure Transactions unit, which includes banking cards, the France-based smart card vendor announced March 11.
The unit generated 462.1 million euros (US$639.1 million) in revenue in 2010, up 12.3% from 411.4 million euros the previous year. The unit’s profit from operations totaled 41.2 million euros, up 249% from 11.8 million euros, the company said.
Gemalto attributed the unit’s growth to an increase in countries migrating to EMV cards and to upgrades in some countries to dual-interface contactless payment cards, the company noted in a press release. Gemalto expects these trends to continue in 2011.
Gemalto noted in an earnings presentation that it expects mobile payments to contribute to growth this year. The company is involved in some 45 projects that deal with Near Field Communication payments.
As a company, Gemalto reported year-end revenues of 1.9 billion euros, up 18.8% from 1.6 billion euros a year earlier. Net profit was up 34.1%, to 216 million euros from 161 million euros.
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