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TomTom sales continue to fall

Tue, 07/24/2012 - 2:45am
The Associated Press

TomTom NV, Europe's largest maker of navigation devices, reported a return to profit in the second quarter after not taking any new restructuring charges — but a recently announced deal selling maps to Apple Inc. didn't help results.

Net profit was €8.89 million ($10.8 million), compared with a loss of €489 million in the same period a year ago, when it wrote down the estimated value of its main business, selling personal navigation devices to consumers. Without the charge, the company would have made around €11 million in the second quarter of 2011.

All sales fell 17 percent to €262 million; sales to consumers fell 26 percent to €155 million.

TomTom has net debt of €191 million, down from €192 million at the end of the first quarter of 2012.

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