Slump in renewables helps drive down third-quarter revenue at French nuclear giant Areva

PARIS – French nuclear giant Areva says its revenue fell in the third quarter partially due to a slump in business at its renewable energies division.

The state-controlled company said Thursday that its revenue dropped 5.8 per cent to 2.1 billion euros ($2.9 billion) in the June-to-September quarter.

The company, which is struggling to stage a turnaround following a global rethink of nuclear energy, said some of the slide was due to unfavourable currency exchange rates, including a strong dollar. It also saw a slowdown in business in its reactors and services division in the U.S.

But the biggest slide came in its renewable energies division, which is small but had been growing quickly. Sales fell 46 per cent there. Areva blamed the decline on indecision in the new market.