Compagnie des Machines Bull SA had been looking to 1992 as a year of recovery, but that was not quite the way things turned out, and after provisions, the French state-owned company saw even worse figures than in 1991, losses equivalent to $847m at the current $0.18 rate of exchange compared with $595m a year ago. Even before provisions, losses only improved marginally, at $409m compared with $474m last year. Sales fell 9.8% to $5,440m, and Bull blames the world economic slowdown, price wars in the personal computer market segment and the effects of structural changes in the industry – but those problems also affected Hewlett-Packard Co, ICL Plc and NCR Corp, all of which managed to remain profitable and to grow in 1991. On the brighter side, the operating margin improved for the second year running, and the operating loss was 44% less dreadful at $116m. This was attributed to a 14% reduction in the cost of its operations to $1,620m following a 9% contraction in 1991. And net debt was lowered by $270m to $1,694m. The 3000 new job cuts planned for 1993 follow 4,700 in 1992.
