Nokia reports first quarter 1998 results: HIGHER SALES AND PROFITS IN ALL BUSINESSES
April 24, 1998
Million FIM 1Q 1998 1Q 1997 Change % 1997
Net sales 14 870 11 331 +31 52 612
Nokia Telecommunications 5 287 3 734 +42 18 826
Nokia Mobile Phones 7 959 6 151 +29 27 643
Other Operations 1 864 1 632 +14 7 239
Operating profit 2 315 1 462 +58 8 454
Profit before tax
and minority interests 2 302 1 452 +59 8 371
Profit from continuing operations 1 586 1 073 +48 5 998
Net profit 2 002 1 073 +87 6 259
Earnings per share
from continuing operations, FIM
Basic 2.79 1.89 +48 10.59
Nokia today reports its first quarter results showing higher sales and profits in all businesses. Net sales in the first quarter 1998 totaled FIM 14 870 million, an increase of 31% compared to the first quarter 1997. Strong growth continued both at Nokia Telecommunications (42%) and at Nokia Mobile Phones (29%). Net sales in Other Operations grew by 14%.
Operating profit increased by 58% compared to the first quarter 1997 and was FIM 2 315 million. All business groups reported higher profits than in the comparable period a year ago. Net interest and financial expense was FIM 21 million. Profit before taxes and minority interests totaled FIM 2 302 million and profit from continuing operations FIM 1 586 million. Net profit for the first quarter 1998 totaled FIM 2 002 million.
At March 31, 1998, Nokia had 38 408 employees.
Commenting on the results, Nokia President and CEO Jorma Ollila stated: "We have every reason to be satisfied with the excellent achievements during the first quarter. We believe that with our broad technological capabilities, we are fully prepared to exploit the emerging market opportunities in both mobile and fixed communications. We have taken a number of steps to strengthen our position in various technologies and to further build the Nokia brand. Together, these form the cornerstones of our strategy for future success."
Currency rate March 31, 1998, 1 FIM = 0.180 USD
Headquartered in Finland, Nokia is a broad-scope telecommunications company supplying mobile phones, mobile and fixed telecommunications networks, data communications solutions, multimedia terminals and computer monitors. With sales in 130 countries, net sales totaled FIM 52.6 billion ($9.8 billion) in 1997. Nokia, listed on NYSE (NOK.A), employs more than 38,000 people worldwide.
For further information, please contact:
Mr Lauri Kivinen, Senior Vice President, Corporate Communications, Nokia
tel. + 358 9 1807 495
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