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NOKIA Reported a loss of 559 mn euros

Posted on 11:58 AM No Comments
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Hit by hefty impairment charges and declining sales, Finnish mobile phone maker Nokia Corp plunged into a loss of euro 559 million in third quarter of this year.

In the year-ago period, the company had a net profit of euro 1.08 billion, Nokia said in a statement.

The company's net sales decreased to euro 9.81 billion in third quarter of 2009 from euro 12.23 billion in the same period last fiscal.

Nokia Siemens Networks, a 50:50 joint venture of Nokia Corp and German Siemens AG, had suffered non-cash asset impairment charges of euro 908 million and euro 29 million for restructuring and other one time charges.

"Our volumes and net sales were, however, somewhat constrained by component shortages we encountered across the portfolio. Challenging competitive factors and market conditions in the infrastructure and related services business necessitated non-cash impairment charges at Nokia Siemens Networks," Nokia CEO Olli-Pekka Kallasvuo said.

Nokia Siemens Networks, a 50:50 joint venture of Nokia Corp and German Siemens AG, had suffered non-cash asset impairment charges of 908 million euros and 29 million euros for restructuring and other one time charges.

The JV firm registered net sales of 2.8 billion euros, down 21 per cent from the same period last year and also witnessed a 14 per cent decline from the second quarter.

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