TomTom announces substantial Q4 loss
Dutch satellite-navigation-device manufacturer TomTom suffered a loss of 989 million euros (1.265 billion dollars) in the fourth quarter of 2008, the company announced on Tuesday.
TomTom had to write off more than 1 billion euros on the value of electronic mapmaker Tele Atlas, which it took over last year for 2.9 billion euros.
Reduced prices of TomTom's navigation products also contributed to the loss.
TomTom sold 44 million navigation systems in the fourth quarter of 2008, an increase of 4 per cent compared with the same period last year.
However, with sales prices for units being up to 100 euros lower than last year, total turnover dropped 17 per cent to 528 million euros in the fourth quarter.
Nevertheless, the company made a net profit of 70 million euros and expects further growth in 2009.
"Growth will be affected by the recession," CEO Harold Godijn warned, "we are expecting difficult market circumstances."
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