Lucent aiming for profits in 2003

TELECOMMUNICATIONS equipment giant Lucent Technologies is still optimistic it will be back in profits by the end of its 2003 financial year. It is sticking to its earlier forecast despite a sharp dip in its fourth quarter results showing a steep increase in losses to 64c a share.

That compares with a 28c loss a share in the same period last year. The group is in the process of a $4bn cost-cutting programme to counter the sharp dip in demand from telecoms suppliers which it began in January, 2001.

Since then it has cut its workforce from over 100,000 to 55,000 and less than two weeks ago it announced a further round of job-shedding involving 10,000 more jobs.