(MENAFN- Kuwait News Agency (KUNA)) French nuclear entity Areva on Thursday reported a net 2013 loss of USD 678 million dollars (Euros 494 million) after heavy provisions for work underway in Finland and renewable energy losses
In 2012, Areva had reported a net loss of just under USD 135 million, calculated at today's exchange rates
The company said in a statement that sales had reached Euros 9.24 billion, up over 6.4 percent on a comparable structure basis over the previous year
Areva stock plunged by almost 12 percent on the Paris Stock Exchange after the release of the results and shares were trading at 19.56 Euros and heading downward
At one point, Areva has lost over 17 percent of its value on the Paris Stock Exchange
Areva said that "despite the uncertain short-term environment" the outlook was good for positive free operating cash-flow this year and it predicted a significant cash-flow increase in 2015-2016
Areva is a French government-controlled entity, with some minority outside investors on board
Kuwait Investment Authority (KIA) has a 4.8 percent stake in Areva for several years now
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