Nortel posted a profit of $75 million on gross revenues of just over $5 billion through the first six months of 2004, the networking company reported Tuesday.

Nortel said it had a profit of 2 cents a share.

The long-delayed financial reports following management changes and an internal review showed Nortel increased revenues over a restated total of $4.58 billion for the same period in 2003. Nortel had a loss of $213 million, or 8 cents a share, in the 2003 time frame.

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