SBC: profit up, revenue down

29 Jan 2003

SBC Comunications has reported a fourth quarter net profit of USD2.36 billion, up from the USD1.19 billion it reported in the same period of 2001. Much of the improvement was a result of a USD425 million gain from the sale of its Bell Canada holding as well as a tax benefit of USD280 million; these were partially offset, however, by a USD276 million charge for pension and property costs as well as a further USD76 million for impairment and restructuring costs at Cingular Wireless.