ELECTRICTY-to-telecoms group National Grid remains confident of meeting its targets despite falling into the red at the half-year stage.
Turnover in the six months to September 30 rose from £1.79bn to £1.99bn but failed to prevent pre-tax losses of £102.9m. Last year, National Grid posted interim pre-tax profits of £307.3m.
The figures have been hit by a £290m write-down on the group's Latin American telecom operations because of the global hi-tech slump and tough economic conditions in the region.
National Grid is seeking a buyer for Silica Networks, a carrier operating in Argentina, and will cut costs at its Chile-based joint venture, Manquehue net.
But National Grid chairman James Ross said the group as a whole was performing well.
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