Veolia Environnement posts loss in the hundreds of millions

Impairment losses and other extraordinary items drove the French concern Veolia Environnement deep into the red in fiscal year 2011. In its annual results published today, the company reported a net loss of €490m on revenue which was up 3 per cent to €29.6bn. In its environmental services division the concern saw revenues improve by 4 per cent to €9.74bn, a rise which Veolia attributed to higher prices for recovered paper and other secondary raw materials and stronger activity in its industrial waste management business. The division’s adjusted operating income stood 13 per cent below the prior year’s level at €503m.