New York (Nov. 15, 2002) -- PricewaterhouseCoopers reported global net revenues of $13.8 billion for fiscal 2002, a scant 1 percent increase over last year's $13.6 billion.
Revenues exclude PwC Consulting and discontinued operations' revenues of $5.1 billion in fiscal 2002 and $6.1 billion in fiscal 2001, as well as all subcontractor and other pass-through expenses.
PwC attributed the flat revenue growth to economic conditions in North, South and Central America. Revenue growth in North America fell 4 percent to $5.17 billion, while revenue in South America dropped 2 percent to $608 million, mostly due to currency devaluation and economic conditions. In Asia-Pacific, revenues grew 5 percent to $ 1.74 billion, buoyed by growth in China. In Europe/Middle East/Africa, PwC said revenues climbed 6 percent to $6.25 billion.
Assurance and Business Advisory Services gained 1 percent to reach $7.99 billion, while Tax and Legal Services generated $4.18 billion, up 2 percent over last year. Revenue in Corporate Finance and Recovery services reached $1.2 billion, a 2 percent gain over the previous year.
The Big Four firm employs about 125,000 people in 142 countries.
-- Electronic Accountant Newswire staff
