Figures from the French company show net income of $1.5 million (E1.3 million) in the six months to June 30, up from a loss of $616.3 million (E524.2 million) on revenue that fell 17.6% to $755.3 million (E733 million).
Auditors have refused to sign off the figures because of doubts as to whether the company is a going concern. However, the company said it would complete its debt re-financing by the end of the year.
The French government is locked in a row with Brussels because EU officials want Bull to pay back $525 million (E450 million) in state aid. France argues that it should be allowed to forgive up to 80% of the loan in the same way as private investors involved in a company restructuring.
Bull maintains it is now in healthy and doesn’t need subsidies any more. It forecasts second-half revenue of $727.7 million (E622 million), and earnings before interest and taxation of $18.5 million (E15.8 million).
This article was based on material originally published by ComputerWire.
