Telecommunications and electronics group Motorola last night said it made a profit in the fourth quarter of last year as it fought to turn back a tide of red ink.
It was the second profitable quarter in a row, but the group still suffered hefty losses for the whole of 2002.
In the three months to December 31, Motorola said it made a net profit of $174m, compared with a loss of $1.24 billion a year earlier. Sales rose 3.2% to $7.55 billion.
For the whole of 2002, however, Motorola suffered a net loss of $2.49 billion, after a net loss of $3.94 billion in 2001. Sales slumped 10.7%.
'For the near term, we remain optimistic that modest sales growth can be achieved in 2003,' chairman and chief executive Christopher Galvin said.
'The world economies are today showing some underlying signs of a rebound, which, if not significantly disrupted by world events, could have a favorable impact on our markets as customers move towards renewing their capital spending,' he added.
