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Nokia Reports Earnings for First Eight Months of 1995
October 19, 1995
pre-tax profit FIM 3 624 million, earnings per share to FIM 9.35
Nokia Group, one of the world's leading telecommunications companies, reported today strong growth in net sales, and in results for the first eight months of 1995. Earnings per share rose 49% to FIM 9.35 (FIM 6.27 in the same period of 1994). In the first eight months of 1995 net sales growth was up 55%, in comparable figures.
Net sales in the period rose to FIM 22.9 billion. Operating profit for the January-August period of 1995 was FIM 3 616 million (FIM 2 061 million), up 75%. The operating margin rose to 15.8% (11.3%). Pre-tax profits increased to FIM 3 624 million (FIM 2 288 million), up 58%. Net profits were FIM 3 145 million (FIM 1 671 million).
The strong growth in Group operating profits is attributable to the good results of Nokia Telecommunications and Nokia Mobile Phones. Nokia Telecommunications' net sales for the period totalled FIM 6 384 million, representing a growth of 51% over the same period last year. January-August net sales at Nokia Mobile Phones rose to FIM 9 573 million, up 59%. Nokia General Communications Products net sales stayed at last year's level, given the previously reported divestment of Nokia-Maillefer shares.
According to Nokia President and CEO, Jorma Ollila, "The Group's results for the second tertial were at the same level as the first tertial of the year. Taking into consideration the seasonality of the summer months, we consider this to be a good achievement. "
"Nokia's market position in its main businesses has continued to improve," Ollila stated. "At the same time, our confidence in the long term market potential has further strengthened. New product areas such as cellular data have opened new, important opportunities for growth beyond existing markets. We are well prepared to further improve our market position and to effectively utilize the new opportunities for growth."
Currency rate 31 August, 1995, 1 FIM = 0.228 USD
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