Nortel profits up to £13m

Nortel profits up to £13m

The telecommunications firm has overturned last year's £30m loss

Profit at telecommunications company Nortel rose to $27m (£13m) during the third quarter, a significant improvement on the $63m (£30m) loss reported last year.

But overall revenue of $2.7bn (£1.3bn) slipped eight per cent from $2.9bn (£1.4bn).

Figures were affected by Nortel's sale of its Universal Mobile Telecommunication System (UMTS) to rival Alcatel-Lucent last December, said chief executive Mike Zafirovski.

"Adjusted for the UMTS sale, orders in the third quarter were up 9 per cent and up 5 per cent year to date, which demonstrates Nortel's increasing relevance in the marketplace," said Zafirovski.

"With an ongoing focus on customers and execution, we expect to continue to deliver operational and financial improvements in the fourth quarter and beyond."