Troubled telco equipment maker Marconi announced losses of £5.1bn for the first half of the financial year today, adding to its burden of £4.4bn debt and £3.5bn in slashed assets.
The huge loss compares poorly to the £66m loss of last year, prompting the company to announce an "aggressive" cost reduction scheme likely to include more job cuts.
The company has already slashed 7,000 jobs this year and still plans to cut a further 3,000.
Weeks ago the firm said it was considering selling off £100m of property to help reduce debts of £4.4bn by over £1.2bn before next March.
This is the second profits warning Marconi has issued this year. Its shares have already been dropped from the FTSE 100 index.
Marconi's shares were hit by the news, dropping 6.75 per cent in trading today.
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