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Nokia also estimates that Nokia Siemens Networks has exceeded expectations for the fourth quarter 2012, delivering record underlying profits and a third consecutive quarter of underlying profitability.
The figures came as HSBC reported rising underlying profitability and revenue in 2012, and an overall profit before tax of $20.6bn.
"We went from a very, very negative position in terms of profitability to a position where we generated £7.8bn of underlying profitability [and] we generated £1.8bn of pre-tax profit," he added.
Just one, Angel Trains, made £372m in 2013 by its measure of underlying profitability.
Trading conditions are tough and our underlying profitability is under pressure.
So this, the most widely watched measure of firms' underlying profitability, will be flattered.
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In the water industry, Severn Trent has posted a 9.8% rise in underlying profits to £287.1m in the last six months - but warned the profitability could suffer if it fails to keep bad debts under control.
In particular, we were pleased by the continued strength of Networks' underlying operating profitability.
Nokia said underlying operating profitability for all its continuing operations in Q1 increased to €304 million, or 11.4% of net sales, compared to €254 million, or 8.1% of net sales, in Q1 2013.
Adjusted earnings before interest, tax, depreciation and amortisation, a key underlying metric of profitability, rose by 12.5% from £50.3m to £56.6m.
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