Business Services Industry
Cable & Wireless Cuts Millions from Cost of U.S. Exit Strategy.
Knight Ridder/Tribune Business News, November, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Nov. 13--Telecoms giant Cable & Wireless added almost to its market value it slashed UKpound 200 million from the massive costs of its US exit plan.
New chief Francesco Caio also showed he is bringing C&W on to an even keel by turning last year's first-half operating loss of UKpound 310 million into a UKpound 101 million profit - the first gain in two-and-a-half years.
In June, Italian-born Caio warned that C&W faced an charge to honour US property leases, potentially wiping out half its UKpound 1.6 billion cash pile.
Those liabilities are now cut to UKpound 650 million, but the City still reckons it faces a further UKpound 150 million in redundancy and other costs....
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