TomTom sees turnover and profit fall
Satelitte navigation system maker TomTom saw a further drop in turnover in the second quarter to €250m, the company announced on Thursday.
The 4% fall is mainly due to a drop-off in sales of separate navigation boxes to the auto industry as a result of the downturn in the European car market.
Net profit fell to €8m against €9m in the year earlier period. Operating profit also fell by €1m to €40m.
According to CEO Harold Goddijn, the consumer division saw ‘solid results’ and TomTom expects firm sales from new products being introduced this summer. Among them is a new line in sport watches which have already been well-received in the US.
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