Nortel Networks Ltd. brought some good news to its investors by announcing a profit in its first-half 2004 financial results.
The first- and second-quarter results sent up its shares.
In the first quarter, the company recorded a net income of $59 million, or 1 cent a share. This contrasts with the year earlier when it had a loss of $124 million, or 3 cents a share. The figures rode revenue of $2.44 billion compared with the year earlier of $2.30 billion.
In the second quarter, the company’s net income was less with $16 million, or beak-even on a per-share count, as against a loss of $101 million, or 2 cents per share a year earlier. Its revenue was $2.59 billion compared with $2.29 billion a year earlier.
The company has been battling its accounting woes for over a year with regulatory investigations and class-action lawsuits on its trail.
It has until Feb. 15 to to file all of its financial reports, especially the third quarter of 2004.
