Nortel Warns Investors Of 1Q Loss

Nortel Networks warned investors last week that the company may post slightly higher loss for the first quarter as compared to the corresponding period last year.

Shares of the telecommunications company finished down 19 cents at $2.70 on the Toronto Stock Exchange.
In the first quarter of 2005, Nortel initially lost $49 million US (one cent per share) as its revenue rose by 3.8 per cent to $2.54 billion US. However, that figure was restated this month to a loss of $104 million US (two cents a share) on revenue of $2.39 billion US.

“We expect strong revenue momentum for the rest of 2006, resulting in high single digit growth for the full year 2006 compared to 2005,” said executive vice-president and chief financial officer Peter Currie, in a statement.

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