Navigation device manufacturer TomTom NV has reported a 9.6 percent rise in third quarter earnings, mostly because of lower restructuring charges, but company’s operations also strengthened from the previous quarter and its debts are declining.
The company said its net profit for the three months to Sept. 30 rose to €29 million ($40.3 million), compared with €19 million a year earlier. Overall sales fell 10% to €336 million, from €375 million.
Its shares opened 10.7% higher on the results.
TomTom has been hit by falling demand for personal-navigation devices, which are still its main product, accounting to almost half of its sales. The company said it will respond by cutting costs by €50 million, but didn't provide any details.
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