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Nokia profits double in fourth quarter

Nokia, the world's largest mobile-phone manufacturer, reported that its fourth-quarter profit more than doubled on sales that were up by 1%.

Net profit rose to €1.05bn (£649m)compared with €450m the year before.

Contributing to the jump in profitability were lower extraordinary costs and "improved profit margins on new phone models", said Nokia spokesman Lauri Kivinen.

Nokia reported extraordinary costs of €640m (£423m) in the full 2002 business year. Last year extraordinary costs were €1.88bn.

Job cuts also played a factor. Nokia employed 51,748 people at the end of 2002, compared to 53,849 people the year before.

Fourth-quarter net sales increased 1% to €8.84bn (£5.8bn) from €8.79bn in the same period the year before.

The company recorded sales of 46 million handsets in the fourth quarter and achieved its highest market share, an estimated 38%.

Sales for the full 2002 fiscal year "were flat" with net sales in 2002 down 4% to €30bn (£19.8bn) from €31bn the year before.

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