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Publish Date : 25-Jul-2012

TomTom NV, Europe\'s largest maker of navigation devices, reported a return to profit in the second quarter, and its shares surged on Tuesday after it announced a supply deal with carmaker Peugeot.

Net profit was 8.89 million euro (US$10.8 million), compared with a loss of 489 million euro in the same period a year ago, when it wrote down the estimated value of its main business: selling personal navigation devices to consumers. Without the charge, the company would have made around 11 million euro in the second quarter of 2011.

The company\'s total second quarter sales fell 17 per cent to 262 million euro; sales to consumers fell 26 per cent to 155 million euro, while sales to carmakers were flat at 60 million euro. But TomTom\'s shares rose 14 per cent to 3.376 euro after it said it will eventually supply navigation software for Peugeot. It did not give details.

\"Rumors are that TomTom will also announce a deal with Mercedes soon,\" wrote SNS Securities analyst Martijn den Drijver in a note. He said the second quarter results were \"solid.\"

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