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Former British Telecom chief Ben Verwaayen took the stage for the first time to announce quarterly results at Alcatel-Lucent, where he took over as CEO last month. He said he had a turnaround plan almost in place for the beleaguered telecoms infrastructure giant, though said details would not be revealed for another month or so, while reporting a third quarter net loss of $51m, 43% lower than the year-ago quarter

The restructuring charges that the company has incurred ever since Alcatel acquired Lucent in 2006 for $11.4bn continued to create losses, and more reorganization is on the cards. ALU has been in the red for seven consecutive quarters and in September, it underwent a management change, with former Lucent CEO Pat Russo giving up her CEO post to the highly regarded Verwaayen, and Philippe Camus replacing former Alcatel chief Serge Tchuruk as chairman.

"Our profitability remains unsatisfactory," Verwaayen said in a statement, although the company has strong cash reserves and did meet revenue guidance, even though the figure was down 6% year-on-year to 5.2bn. Carrier revenue declined 9.4%, mainly because of slowdown in developed economies, but enterprise revenues were up 6.3% and services by 16.6%. For Q4, ALU is projecting a flat market in global telecoms equipment and services.

Verwaayen sought to reassure investors by promising that a major reorganization and turnaround plan would be unveiled in detail before year end.

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