Nokia's second quarter margins above 15% with pro forma pre-tax profit of nearly EUR 1.2 billion
(July 19, 2001)
Sales growth of 5% and strong positive net operating cash flow show operational efficiency while adjusting to market slowdown
- Second-quarter net sales were EUR 7 346 million, showing growth of 5% compared with the previous year. In Nokia Networks, net sales declined 2% and in Nokia Mobile Phones net sales increased 10%
- Pro forma pre-tax operating profit was EUR 1 166 million
- Pro forma operating margin for Nokia was 15.5%, Nokia Networks 15.8% and Nokia Mobile Phones 17.9%
- Pro forma earnings per share (diluted) were EUR 0.17 (0.21), on a reported basis EPS (diluted) were EUR 0.12 (0.20)
Jorma Ollila, Nokia Chairman and CEO, said "Backed by our ability to manage working capital and control costs, we were able to retain our leading market position while sustaining good profitability and positive cash flow. This kind of resourcefulness is a product of the long-term commitment from all parts of our organization to improve efficiency and flexibility.
"We believe firmly in the long-term opportunities of the mobile communications industry. With market growth expected to pick up again next year, we are in a unique position to build on our strengths. I am confident that our solid financial base, proven excellence in execution, focussed R&D and strong brand will continue to translate very well into profitable future growth."
Closing rate, 1 EUR = 0.855 USD
press.nokia.com |
