Satnav maker TomTom reports earnings rise

Navigation device manufacturer TomTom has reported a 9.6% rise in third-quarter earnings.

The good news is mostly because of lower restructuring charges, but the company’s operations also strengthened from the previous quarter and its debts are declining.

Net profit was €28.9m, from €19.3m a year ago, when it took a €20m restructuring charge, the company said today.

Revenues fell 10% to €336m due an ongoing fall in device sales to consumers in the US and Europe. But sales are up 7% since June on higher revenues from carmakers.

TomTom plans to cut an unspecified number of jobs this year. The company is recovering from a near-bankruptcy after the 2008 crisis struck. Net debt fell to €316m at quarter’s end.