The world's leading mobile phone manufacturer Nokia has posted deep 2011 losses after a slump in sales.

For 2011 the company posted a net loss of €1.2 billion (£1 billion) compared to a net profit of €1.8 billion over the same period in 2010. The final quarter of the year showed a €1.07 billion net loss following a €745 million profit in the same period of the previous year.

Sales for the October-December period meanwhile slumped 21 per cent year-on-year to €10 billion, while figures for the full year were down nine per cent at €38.66 billion.

"We brought the new devices to market ahead of schedule, demonstrating that we are changing the clock speed of Nokia," the company's chief executive Stephen Elop said in a statement.

The poorly performing UK economy hampered mobile phone sales over the Christmas holidays, according to leading mobile retailer Carphone Warehouse. The firm stated earlier this week that sales of its pre-pay handsets have dropped by a much as 40 per cent.

Posted by Claire Marshall

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