India sales push Nokia 2007 sales revenue
25 Mar 2008
The world's largest mobile phone maker, Finland's Nokia Oy has reported a whopping sales of 51,058 million euros in 2007, s against 41,121 million euros compared to the previous year, largely due to strong sales in emerging economies, including India.
Sales volume in India was up by 36 per cent to 3,684 million euros as compared to 2,713 million euros in 2006, which is second in the world in terms of sales volume of Nokia phones.
China with sales of 5,898 million euros sold the maximum number of Nokia phones in the world.
Further, sales in India posted an 82 per cent jump as compared to 2,022 million euros in 2005.
Nokia said that the significant market share gains in Asia-Pacific were primarily driven by the strong position in the fastest growing markets, such as India.
"In Asia-Pacific, we continued to benefit from our brand, broad product portfolio and extensive distribution system," Nokia said in a recent filing with the US Securities and Exchanges Commission.
India is ahead of the United States and two European markets - Germany and Great Britain in Nokia sales. The US market accounted for 2,124 million euros in 2007.
During the same period, Germany and Great Britain had sales worth 2,641 million euros and 2,574 million euros, respectively.
According to the filing, the 10 markets that generated highest sales last year were China, India, Germany, the UK, the US, Russia, Spain, Italy, Indonesia and Brazil, together representing approximately 50 per cent of total net sales in 2007.
Interestingly, in 2006, India was at the third place among the top 10 countries in terms of sales, just behind the US.
Nokia had opened a manufacturing plant in Chennai last year.
Nokia Siemens Networks, jointly owned by Nokia and Siemens, signed substantial deals in India last year, including a a $500 million network expansion contract with Idea Cellular and an end-to-end network expansion with Bharti Airtel worth $900 million.
In addition, Nokia Siemens Networks had invested about $100 million to strengthen its operations in the country.