Massive losses mean no more handsets...
By Ben King
Published: 20 May 2002 16:22 GMT
Benefon, the other Finnish mobile phone maker, is to quit the business after reporting disastrous financial results.
The company is in merger talks with "several foreign firms", and is looking to stop building handsets within two years to focus on location-sensing technology, according to Reuters.
On Friday the company scrapped a planned share issue and posted a E4.3m (£2.7m) net loss for the first quarter of the year, on net sales of E4.7m (£2.96m).
The figure for the loss was flat from the same quarter last year but sales were down 55 per cent from E10.4m (£6.55m).
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