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Thursday, February 26, 2015

Thales predicts rebound after DCNS losses hit 2014 profit

Thales logoFrance's Thales posted lower full-year profit on Thursday after cost overruns on military submarines at its DCNS naval subsidiary but predicted a return to profitability this year as the unit rights itself.

Europe's largest defence electronics group said operating profit fell 3 percent to 985 million euros ($1.12 billion) after problems on the Barracuda nuclear submarine programme pushed the contribution from its 35 percent stake in shipyard DCNS sharply into the red.

Excluding DCNS, operating income rose 13 percent to 1.102 billion euros, as sales rose 2 percent to 12.974 billion, while net attributable income fell 12 percent to 565 million.

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