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AREVA's mining business posts 46.3% YOY plunge in Q1 revenues

AREVA SAsaid April 28 that its first-quarter revenues decreased by 0.8% to €826 million,compared to that posted in the same period a year earlier, mainly due to a lessfavorable schedule of uranium deliveries, while the group's backlog rose to €33.6billion from €29 billion by the end of last year.

The company noted that its operations currently up were not included in ordersreceived or in revenues.

AREVA's mining business posted a 46.3% year-on-year decline inrevenues to €185 million from last year's €344million revenue, though the segment's backlog rose sharply to about€10.11 billion at the end of the quarter. Meanwhile, the company's consolidatedshare of natural uranium production in the first quarter grew by some 50% to 2,672tonnes from 1,772 tonnes a year earlier.

AREVA said revenue for operations up for sale reached €885 million,down 4.8% year over year, while the backlog amounted to €13.94 billion.

The company also reiteratedits 2016 forecast of a negative net cash flow of between €1.5 billion and €2.0 billion.

Concerning the implementation of its transformation plan, AREVAnoted that proposed voluntary redundancies in six of its French companies were recentlyapproved and that its workforce was slashed by 1.7% from the end of 2015, with thedeparture of almost 700 employees, including 330 in France.

Jacques Peythieu, senior executive vice president of the company'smining business, said in March that AREVA will be "very focused" on reducing costs and cutting investmentsin 2016 amid an extended slump in the price of uranium.