For the fourth quarter of 2009, D-Link posted net revenue of NT$8.852bln, an increase of 20.2% compared to 4Q08 and up 6.2% over 3Q09, due mainly to a pick up in project business in emerging markets and improved end users demand in Europe. Despite challenging market condition, through the optimization of product mix towards more switches and WiFi 11n sales, gross margin excluding inventory related gain/loss jumped to 33.3% in 4Q09 from 30.6% in 3Q09, or up by 3.8% compared to 29.5% of the year-ago quarter. With the adoption of article ten of Taiwan’s GAAP, gross margin including inventory provisional gain/loss was 34.0% in 4Q09, improved by 3.1% from 30.9% in 3Q09, up by 5.9% compared to 28.1% of the comparable 2008 quarter. Operating expenses of 28.3% of net revenue was down by 0.3% from 28.6% in the previous quarter, or down by 2.9% compared to 31.2% in 4Q08. Operating profit margin was lifted to 5.7% from 2.3% in 3Q09 and much improved as compared to -3.1% in 4Q08.