Norwegian telecoms group Nera said in early August that its Singapore unit Nera Telecommunications was expected to have “significantly better” results for 2002 than 2001.
Nera said gains from an initial public offering of shares in Nera Singapore’s unit Nera Electronics would give Nera Telecom a net gain of 18 million Singapore dollars ($10.17 million), outweighing a recent 7.0 million writedown in Nera Telecom’s holdings in TVMobile Pte Ltd.
Nera Telecom said in May that the writedown of the value of its holdings in TVMobile would lead to “substantially lower profitability” for the group in 2002 compared to 2001.
Nera Telecom had a net profit of 13.4 million Singapore dollars in 2001. ($1=1.770 Singapore Dollar)
