Jobs, salaries slashed...
Published: 12 October 2001 15:05 GMT
RSA Security is to lay off 15 per cent of staff and slash employee salaries by ten per cent, after posting poor third quarter results.
RSA reported revenue of $62.6m for the quarter ending 30 September 2001, down from $72m for the same quarter last year.
Net loss rose to $5.4m or 10 cents a share. Including one off corporate charges and losses from RSA capital operations - the company's investment arm - gross loss jumped to $15.5m.
Earlier in the quarter, the company forecast that loss would be between $12.5m and $14.1m.
In the same quarter last year the company made a net profit of $10.2m.
RSA will now merge its Capital Operations division back into its core business and reduce expenditure on investments.
For the fourth quarter RSA expects a loss of between 15 and 17 cents a share, including unusual charges.
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