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Verizon posts $1.93 bn quarterly loss

A Verizon Wireless store in San Francisco, March 29, 2005. US telephone company Verizon posted a net loss of $1.93 billion in the fourth quarter.

US telephone company Verizon on Tuesday posted a net loss of $1.93 billion in the fourth quarter due in part to Superstorm Sandy that caused chaos on the East Coast in last fall.

The company said its net income for the 12 months ended December 31, 2012, was $10.6 billion, up from $10.2 billion a year earlier.

Aside from costs linked to Sandy, the fourth quarter results were hit by adjustments to pensions.

Lowell McAdam, Verizon chairman and chief executive, put a brave face on the losses, saying: "Verizon seized growth opportunities in the fourth quarter to cap a year of solid progress across the entire business.

"We delivered a total return of 13.2 percent to shareholders in 2012, and we enter 2013 ready to accelerate the momentum we've achieved and create significant shareholder value in the years to come."