Alcatel records full year loss; operating profit expected in 2002
French telecoms equipment maker Alcatel has reported a full year loss and warns that 2002 will be another challenging year. While first quarter revenues are expected to drop 30% on the fourth quarter 2001, it is aiming to return to operating profit this year as its debt cutting initiatives begin to pay off.
Last year Alcatel cut around 30,000 jobs and embarked on a production outsourcing programme in addition to a divestment strategy. It has recently sold its enterprise distribution and business division to Platinum Equity and sold some European plants to Sanmina-SCI. Net debt at the end of 2001 was E2.7 billion, compared with its original forecast of E4 billion.
The group reported a net loss of E4.96 billion for 2001, compared with a profit of E2.3 billion in 2000. In the fourth quarter, it had a net loss of E1.5 billion compared with a profit of E426 million a year earlier.
31-Jan-2002
