PricewaterhouseCoopers on Tuesday posted a 6.5 percent rise in revenue for its fiscal year, helped by favorable currency exchange rates.
The New York-based accounting firm said revenue for the year ended June 30 rose to $14.7 billion from $13.8 billion a year earlier. Expressed in local currencies, annual revenue was essentially flat.
A weak economy in Europe and exchange-rate devaluations and economic woes in South and Central America hurt revenue in fiscal 2003, the company said.
This was offset by growth in Asia that reflected robust performance in China as well as a merger with a local Andersen unit.
For 2004, PricewaterhouseCoopers expects significant growth as economic conditions improve.
The firm — one of the Big Four accounting firms — has three lines of business: assurance and business advisory services, tax and legal services, and corporate finance and recovery.