TomTom sales continue to fall

[July 24, 2012]  AMSTERDAM (AP) -- TomTom NV, Europe's largest maker of navigation devices, reported a return to profit in the second quarter after not taking any new restructuring charges -- but a recently announced deal selling maps to Apple Inc. didn't help results.

Net profit was euro8.89 million ($10.8 million), compared with a loss of euro489 million in the same period a year ago, when it wrote down the estimated value of its main business, selling personal navigation devices to consumers. Without the charge, the company would have made around euro11 million in the second quarter of 2011.

All sales fell 17 percent to euro262 million; sales to consumers fell 26 percent to euro155 million.

TomTom has net debt of euro191 million, down from euro192 million at the end of the first quarter of 2012.

[Associated Press]

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