9.96

-0.22 (-2.12%)

Real-time: 5:35PM GMT+1









After the French nuclear firm suspended its financial targets for 2015 and 2016, Areva SA dropped the most since 1999. Due to delays to a Finnish project and slow demand in japan, the French nuclear reactor maker abandoned financial targets for the next two years. The shares slumped as much as 23 percent.Areva announced that it was reviewing both its future goals and mid-term funding plan. However, Areva said both its revenue and profit forecasts for this year would not be affected.Areva is owned by French government which has 87% and it is expected that it would present a new financial outlook for 3 years of it's full result.With series of warnings in recent months, the firms makes an announcement.A series of warning were there in recent month. It reported a €694m (£555m) loss for the first half of the year in August and said 2014 revenue would fall 10%, more than the 2-5% drop it originally forecast in February.In October, it also announced new assest sales and capital spending cutsFollowing the 2011 nuclear accident in Fukushima, which was triggered by a massive earthquake and tsunami, and the rise in the use of shale gas in the US.Areva’s 750 million euros of 3.125 % bonds due March 2023 dropped 4.1 cents on the euro to a record 93.1 cents, the biggest drop since the notes were issued on March 12.The company’s 1 billion euros of 15-year notes sold in September 2009 plunged 5.8 cents to a two-year low of 102.6 cents, the data show.Areva had a net loss of 694 million euros ($870 million) in the first half.Areva Data: