Cell phone maker Nokia Corp. announced its profit rose 12 percent in the fourth quarter, earning 1.17 billion euros (approx. U.S. $1.48 billion) in the 3 month period ending Dec. 31, 2003, up from 1.05 million euros in 2002. Sales were down 1 percent at 8.8 billion euros (approx. U.S. $11.1 billion).
The company said mobile phone volumes grew 20 percent compared to 2002, but revenue was only up 4 percent at 7 billion euros (approx. U.S. $8.8 billion). Nokia predicted the market for mobile phones would increase slightly more than 10 percent from an estimated 471 million units sold in 2003 and said the average selling price of mobile phones was increasing as customers were switching to more advanced handsets.
The company reported the net profit for the entire year grew 6 percent to 3.6 billion euros (approx. U.S. $4.5 billion) from 3.4 billion euros in 2002, while sales were down 2 percent at 29.5 billion euros (approx. U.S. $37.2 billion). (Associated Press)
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