French IT Group Atos Reports 3.4 Bn Euro Net Loss

Umer Jamshaid Published March 26, 2024 | 12:50 PM

French IT group Atos reports 3.4 bn euro net loss

Paris, (APP - UrduPoint / Pakistan Point News - 26th Mar, 2024) Debt-ridden French IT group Atos Tuesday reported a net loss of 3.4 billion Euros in 2023 due to asset writedowns and said it was aiming for a debt restructuring by July.

Atos has to repay or refinance 3.65 billion euros ($4 billion) of loans and bonds maturing by the end of 2025.

Chief executive officer Paul Saleh said Atos was "in discussions with our financial creditors to reach a refinancing plan by July within the framework of an amicable conciliation procedure".

"Our operating margin has improved year over year, reflecting the execution of our cost improvement plans, while our cash flow was impacted by workforce optimization, separation costs, and lower working capital actions," he said.

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