Nokia's India revenues fall 23% in 2012

Finnish mobile phone maker Nokia has, for the second consecutive year, reported decline in annual revenues from its India business to euro 2,227 million in 2012, on account of increasing competition and currency fluctuation.

Despite India being the second biggest market after China, the company posted 23 per cent dip in revenue from euro 2,923 million at the end of 2011.

“The year 2012 was one of transition for Nokia. While the first half of the year was challenging, our execution against a focused business strategy started to translate into financial results in the final three months of the year,” a Nokia spokesperson said.

In a report, Nokia said that the rupee depreciated  2.3 per cent against the euro.
On competition, it said that the success of such competitors adversely affects sales in “traditionally strong” markets like India.

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