Ascom Reports 2002 Half-Year Results

September 11, 2002 by Jeff Shepard

Ascom AG (Zurich, Switzerland) reported revenues in the first half-year 2002 of CHF 1,093 million, compared to revenues in the previous year of CHF 1,548 million. Adjusted for divestments and the influence of exchange rates, this resulted in a decrease in revenue of 12 percent, compared to CHF 1,244 million for the previous year. The operating result was CHF 34 million. After unplanned write-offs against goodwill and real estate to the amount of CHF 74 million, Ascom reported a group loss of CHF 100 million, compared to a loss of CHF 26 million for the previous year.

For the second half-year, which continues to be characterized by the consistent focusing, reduction of costs and divestments, Ascom does not expect the markets to recover. As a result, the group initiated additional cost-reduction measures, which will lead to the cutting of 150 jobs.