Areva to Post Large Loss for 2011

CNBC reported Areva (EPA:AREVA,FRA:AREVA) will post a massive full-year loss in 2011 because of a troubled mining projects.

As quoted in the market news:

Areva said it expects to make an operating loss of between euro1.4 billion and euro1.6 billion this year, compared to a profit of euro883 million in 2010.

Areva’s new chief executive, Luc Oursel, is scheduled to present Tuesday a five-year turnaround strategy for the company aimed at slashing its operating costs by up to euro1 billion annually by 2015.

Click here to read the full CNBC report.