These numbers stack up against projected profit growth of 15.0% for 2011 and 14.0% for 2012, according to Thomson Reuters data.

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Its projected profit margin on the contract was later reported as one-percent.

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It had earlier projected a 50bn-yen profit.

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And so far Sirius hasn't projected when it will actually book a profit.

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If Oracle manages to squeeze more profit out of Sun in coming years than it and others first projected, of course, the stock may support a bigger multiple than it currently appears to merit.

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On Thursday the company released a higher than expected quarterly profit, helped by a jump in European and Asian sales, and projected strong revenue and earnings growth through 2013.

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Ming said yesterday net profit would drop by 64-67% from a year earlier, worse than an earlier projected fall of 25-45%, according to a company statement.

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