The bulk of its massive $8.8bn third quarter loss is down to one-off restructuring costs.

The restructuring costs, however, pushed it deeply into the red.

Apple said that restructuring costs would be taken in the third quarter, which ends June 28.

"We will continue to examine the need to take additional restructuring costs."

But after allowing for the weak tobacco results and the restructuring costs, profit was $3.1 billion, down more than 37 percent for all of 1992.

The restructuring cost about $223 million in addition to write-downs of $60 million during the same period.

However, its losses at home ballooned due to huge restructuring costs.

The restructuring cost is estimated at $14,000,000 (after tax) or 40 cents a share.

The loss reflected some restructuring costs, as well as the bank's decision to increase its provision for credit losses.

Exceptional restructuring costs resulted in an overall loss for the year on both an historical and a replacement cost basis.