Marconi reduces operating costs to stem losses

UK-based telecoms equipment manufacturer Marconi reported today that its net loss for the nine months to the end of December 2004 was GBP32 million (USD59 million) compared with GBP169 million a year earlier, despite revenues falling to GBP991 million from GBP1.16 billion in the same period. The company attributed the significantly narrowing loss to a reduction in operating expenses.