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Last updated at: (Beijing Time) Tuesday, July 30, 2002

Reuters Posts $131 Million Loss for Half-year

Financial news and information provider Reuters Group PLC posted its first loss as a publicly listed company and said its core business remains challenging, according to a AP report Tuesday.


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Financial news and information provider Reuters Group PLC posted its first loss as a publicly listed company and said its core business remains challenging, according to a AP report Tuesday.

Reuters reported a net loss of 84 million pounds ($131 million), for the six months to June 30, compared with a net profit of 271 million pounds ($423 million) for the period a year ago.

The loss stemmed from a 38 percent decline in revenues to 301 million pounds ($470 million) at its electronic brokerage arm Instinet and a 156 million pound ($243 million) restructuring charge.

Reuters' operating profit, excluding one-time gains and losses, was 190 million pounds ($296 million), down from 256 million pounds ($399 million) last year.

Reuters employed about 19,000 people worldwide at the end of 2001 but has announced plans to shed 2,750 jobs this year. Of the jobs to be cut, the company said in June that 650 will be management positions aimed at saving it 100 million pounds ($156 million) a year.

Reuters expects the restructuring to save it 335 million pounds ($523 million) in 2003.

The company's revenues for the first half were 1.84 billion pounds ($2.87 billion), against 1.94 billion pounds ($3.03 billion) a year ago. Net debt at the end of June was 203 million pounds ($317 million).

Reuters has earned a net profit in each reporting period since it became a publicly listed company in May 1984.

Source: Agencies


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