Nortel reverses losses

The fire-sale of Nortel's business units last year has accomplished what the supplier's management team failed to do, reversing its full-year net losses. During...

The fire-sale of Nortel's business units last year has accomplished what the supplier's management team failed to do, reversing its full-year net losses.

During the last three months of the financial year, the networking supplier made a net profit of $1.78bn (£1.18bn), while for the full year it banked $488m.

The fourth-quarter figures were buoyed by a $689m gain primarily related to the sale of the enterprise unit to Avaya, and $1.26bn relating to the sale of the CDMA/LTE business to Ericsson.

Fourth-quarter sales rose to $794m, excluding revenues of $367m related to Equity Investees and $300m related to discontinued operations. Full-year sales fell 46% year-on-year to $4.09bn.

Nortel put its declines chiefly down to the uncertainty that surrounded its operations over the past 14 months, and reaffirmed its policy of attempting to "maximise value" for stakeholders, creditors, customers and employees.

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