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Saturday, January 24, 2015

Thales warns of impact of loss-making DCNS business

Barracuda class SSNFrench defence electronics group Thales warned on Friday that losses at its naval defence and energy unit DCNS blamed on contract cost overruns could shave around 100 million euros ($112 million) off its 2014 earnings.

Thales owns 35 percent of DCNS which builds submarines and ships and supplies services to shipyards and naval bases. The business was likely to suffer a 2014 net loss of around 300 million euros, Thales said.

The loss comes after a review revealed cost overruns at France's Barracuda nuclear attack submarine programme and at the Jules Horowitz nuclear research reactor DCNS is working on as part of efforts to diversify into civil nuclear energy.

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