ALU remains in the red, but cuts losses. 3Q08 net loss is “only” €40m (down from a loss of €345m) on sales worth €4.1bn (down 6.6%). At constant exchange rate, Carrier revenues declined 9% to €2.7bn , while Enterprise revenues grew 2% to €388m and Services revenues were up 12% to €870m. The operating profit was €40m, of which €29 in Enterprise, €87 in Services and loss of €91m in the Carrier division. Gross margin was 32%. The new management found, however, that the company is in good shape from a cash standpoint, but recognized the profitability is unsatisfactory. More interesting, the new management is revising the strategy and details will be known by the end of the year, but already it is considering the future of its stake in Thales. All options are opened, including the sale. For 2009, ALU reiterates its forecast of a flat market. ALU' s stock price went up 15% on the news.