Nokia swings to profit, Q4 net at 255 mn euro
Nokia, which is battling stiff competition from rivals including Apple and Samsung, reported a net loss of 1.07 billion euro in the 2011 December quarter.
"We are very encouraged that our team's execution against our business strategy has started to translate into financial results," Nokia CEO Stephen Elop said in a statement.
However, the mobile phone maker's net sales dropped nearly 20 per cent to 8.04 billion euro in the 2012 December quarter. In the year-ago period, the same stood at 10 billion euro.
"While the first half of 2012 was difficult for Nokia Group, in Q4, 2012, we strengthened our financial position, improved our underlying operating margin in Devices & Services, introduced the HERE brand to expand our mapping and location experiences, and drove record profitability in Nokia Siemens Networks," he added.
During the quarter, Nokia Group strengthened its net cash position by approximately 800 million euros sequentially, of which approximately 650 million euro was generated by Nokia Siemens Networks.
For the year 2012, the company's net loss widened to 3.78 billion euros from 1.48 billion euros in 2011. The net sales for the year also declined to 30.17 billion from 38.65 billion in the previous year.
The results are as calculated by the International Financial Reporting Standard (IFRS).
The mobile phone maker also said its Board has proposed that no dividend be paid for the fiscal year 2012.
"To ensure strategic
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