TomTom profit falls sharply

Satellite navigation system maker TomTom booked net profit of €7.3m in the first three months of 2007, compared with €44m in the year-earlier period.

Sales were also down €32m at €264m, the company says in a statement on Wednesday.
The company issued a profit warning on April 8.
TomTom blames the lower earnings on price cuts by retailers who are keen to sell old stock before new models come onto the market.
TomTom also says it expects the European Commission to give the green light to its takeover of digital map maker Tele Atlas.

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