Profit up but sales down for Nokia in India; analyst says market tough for rivals Ericsson and Huawei too

In 1MDB’s RM1b civil suit against Riza Aziz, court told funds siphoned out were used for gambling and producing moviesMoneyHELSINKI, Oct 17 — Finnish telecoms equipment maker Nokia on Thursday reported a 32-percent rise in net profit for the third quarter but sales dropped due to a slowdown in India.

Profits were up 32 percent to 175 million euros, “driven by a combination of improved product mix, regional mix and actions to reduce product cost”, Nokia chief executive Pekka Lundmark said in a statement. Atte Riikola, analyst with Finnish market research firm Inderes, told AFP Nokia’s earnings development was nearly in line with the expectations, with a few exceptions.

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