Nortel plans cost cutting moves

Nortel plans cost cutting moves

Nortel Networks plans to announce cost cutting moves next month in an effort to rein in operating costs and boost profits.

The company said operating costs were not hitting targets of below 40 per cent of revenue. Similarly, profits margins are also below company goals of mid-40 per cent.

“In conjunction with the release of our limited preliminary unaudited results for the first and second quarters of 2004 in mid-August, I will provide a further update on the performance of our business and the actions that we will be taking to put into place an improved cost structure to optimise our financial performance,” Nortel CEO, Bill Owen, said.

Nortel also expects to file, in the third quarter of 2004, financial statements for the year 2003.

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