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Restated accounts nudge Nortel into profit

Antony Savvas

Nortel has finally posted its accounts for the first and second quarters of last year after having already restated accounts going back to 2001 in the wake of a financial scandal.

The network and telecoms equipment manufacturer reported a small profit of £40m for the two quarters after reporting losses in the corresponding quarters of 2003.

The company reported sales of £1.35bn for the first quarter of 2004, up from the restated £1.27bn in the first quarter of 2003. 

For the second quarter of 2004, Nortel saw sales reach £1.43bn compared with £1.27bn in the same quarter of 2003.

Nortel said total overall sales for 2004 were expected to be lower than in 2003. The company will announce later this month when it plans to post the third and fourth quarter results for 2004.

Last month Nortel appointed Peter Currie as its new chief financial officer to help draw a line under the financial fiasco.

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