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Alcatel-Lucent losses mount in Q2

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July 30, 2013 02:54 AM EST | AP

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PARIS — Alcatel-Lucent says its losses more than doubled in the second quarter as the French-American telecommunications gear maker booked financial charges worth hundreds of millions of euros against the shrinking value of its assets.

Paris-based Alcatel-Lucent, which supplies networking equipment to telecom operators such as AT&T and Verizon, says it lost 885 million euros in the second quarter, more than twice the 396 million euros it lost a year earlier.

The company, which shed its CEO earlier this year after a failed five-year bid to return Alcatel-Lucent to profitablity, blamed the losses on a 552 million euro "impairment charge" following a review of its assets; a 194-million-euro restructuring charge; and 180 million euros in financial losses, mainly the cost of interest on its debt.