INTERNATIONAL - Finnish telecommunications equipment maker Nokia yesterday reported a net loss for the fourth quarter, citing higher taxes.
The quarterly net loss of 384 million (R5.67 billion), compared to profit of 659m in the same business period a year ago.
The company said a re-assessment of deferred tax assets, mainly following tax rate changes in the US, contributed to the red ink. Net sales were almost unchanged year-on-year and worth 6.7bn.
In his outlook, chief executive Rajeev Suri said the group expected the market for its mainstay business area Networks “to decline again in 2018 at a slightly lower rate than (the) previous forecast, given early signs of improved conditions in North America”. Conditions were expected to “improve markedly” in 2019 and 2020 “driven by full-scale roll-outs of 5G networks”.