Belfast Telegraph

Friday 22 August 2014

Satnav maker TomTom's earnings up

Satnav maker TomTom reported third-quarter profits up by almost 10 per cent

Navigation device manufacturer TomTom has reported a 9.6% rise in third-quarter earnings.

The good news is mostly because of lower restructuring charges, but the company's operations also strengthened from the previous quarter and its debts are declining.

Net profit was 28.9 million euro (£25 million), from 19.3 million euro (£16.7 million) a year ago, when it took a 20 million euro (£17.4 million) restructuring charge, the company said on Monday.

Revenues fell 10% to 336 million euro (£292 million) due to an ongoing fall in device sales to consumers in the US and Europe. But sales are up 7% since June on higher revenues from carmakers.

TomTom plans to cut an unspecified number of jobs this year. The company is recovering from a near-bankruptcy after the 2008 crisis struck. Net debt fell to 316 million euro (£275 million) at quarter's end.

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