Nokia posts net profit in fourth quarter, waives dividend
Published on Jan 24, 2013 8:01 PM
HELSINKI (AFP) - Nokia, once the world's biggest mobile phone maker, posted a net profit of 202 million euros (S$330 million) in the fourth quarter, its first quarterly profit for 18 months.
The beleaguered company, which is trying to cut costs, said it would not pay a dividend to shareholders for the first time for more than 20 years.
"We are very encouraged that our team's execution against our business strategy has started to translate into financial results," chief executive Stephen Elop said in a statement.
In the three months ending Dec 31, Nokia made a net profit of 202 million euros compared to a loss of 1.07 billion euros in the same quarter a year ago, when results were hit by a goodwill impairment charge in its Location and Commerce unit.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here