Satellite navigation system maker TomTom said on Tuesday it had booked an increase in net profit in the second quarter of 2012 but sales were down overall.

The Dutch firm booked net profit of €9m in the second three months of the year, compared with a loss of €489m in the year earlier period. Sales fell 17% to €262m.
TomTom said the European market for satnav systems is set to shrink from 2.8 million to 2.4 million this year but the company’s market share is stable at 45%. In the US, the company’s market share fell from 23% to 19%.
Chief executive Harold Goddijn said in a statement that agreements with car manufacturers for built-in satnav systems are the way forward. ‘Although the revenue impact of these deals will not become visible immediately they are forming the foundation for the future growth of the business,’ Goddijn said.
For example, on Tuesday, TomTom announced it had signed a deal with Peugeot Citroën to provide ‘location and navigation content and services for its infotainment system’ from 2015.