Nortel cuts loss in fourth quarter


Nortel cuts loss in fourth quarter

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.

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