Nortel restates recent losses

20 Nov 2003

North American equipment manufacturer Nortel Networks has revealed plans to restate its income statements for the period between 2000 and the third quarter of 2003 after finding it had overstated costs for restructuring its business units during the telecoms downturn. The company said losses since the beginning of 2000 now totalled USD32.2 billion, down from the previously stated USD32.7 billion. It also said that sales would be reduced for 2000, 2001 and the first quarter of 2003 because revenue was included in those periods when it should have been deferred.