Nortel Networks loss in the fourth quarter of 2002 was
significantly cut over the previous year's fourth quarter.0
The telecommunications equipment company posted a net loss of $248m
(£152m) for the period ending 31 December 2002, a big improvement
on its loss of $1.83bn in the same quarter a year earlier.
Revenue was down from last year to $2.52bn (£1.5bn), compared with
$3.46bn in the fourth quarter of 2001.
Nortel has struggled, along with most of the telecommunications
industry, with a long slump in capital investment and the company
credited cost-cutting moves for the reduced loss.
Revenue rose about 7% from the previous quarter to about
$2.36bn.
On a pro forma basis, Nortel posted a net loss for the fourth
quarter of just $62m (£38m). Those results exclude special
restructuring charges of $241m (£148m), acquisition costs of $58m,
a gain of $26m (£16m) on the sale of a business and a gain on
repurchase of outstanding debt securities of $60m.