Finnish financial newspaper Kauppalehti.fi reports that HMD submitted its annual financial report for 2016. The report shows net sales of €13.5 million and a €8.4 million operating loss. After taxes, the loss shrinks to €7.7 million.
The report also shows that HMD spent €2.1 million for personnel, and that HMD financed its operation with short-term loans. HMD revenue in 2016 came exclusively from selling Nokia-branded feature phones in December. That is not bad considering that in the terms of the whole year the feature phone revenue could be over €100 million, and in 2017, with the 3310, probably even more. The question is will HMD succeed to sell feature phones without losing money on them.