Nortel’s Revised Results Show First-Half Profit

Nortel Networks Corp., the largest North American phone-equipment maker, said it had profit of $75 million in the first half of 2004, the first time it disclosed full results after accounting errors delayed the reports for more than six months.

Net income was 2 cents a share in the first half, compared with a loss of $225 million, or 5 cents, a year earlier, the Ontario, Canada-based company said. Sales rose 9.8% to $5.03 billion.