TomTom reports increase in Q3 earnings

24 Oct 2011

The TomTom for iPhone car kit

Declining debts, lower restructuring charges and strengthened operations from the previous quarter have pushed sat-nav maker TomTom’s third-quarter earnings up by 9.6pc, the company reported today.

TomTom’s net profit was €28.9m, up from €19.3m from the same period a year ago, when it took a €20m restructuring charge, the company said.

Revenues fell by 10pc to €336m, the result of an ongoing decrease in device sales to consumers in the US and Europe. Sales, however, have increased by 7pc since June on higher revenues from car manufacturers.

Net debt fell to €316m at quarter’s end.