NSN CEO says no more cash from Nokia, Siemens

[teletopix]

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Struggling Nokia Siemens Networks (NSN), the world's second-largest maker of mobile phone network equipment, cannot expect any more cash injections from its two parent companies, chief executive of the venture said in a letter to employees.

Parents Nokia and Siemens have provided capital "for the last time" and expect this investment will provide results, according to a copy of a letter sent from CEO Rajeev Suri to NSN's 74,000 employees, which was obtained by Reuters.

"Our profitability remains far too low, with huge net losses since the start of the company. We continue to burn cash and have consistently generated negative free cash flow," Suri said in the letter seen by Reuters.

"We have too many businesses that have never produced adequate returns and regions that continually deliver losses." ,..

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NSN CEO says no more cash from Nokia, Siemens