socialmedian: Veolia steps up cost cutting as revenue falls 2.8%

User-submitted headlines for this story

Clips

Veolia steps up cost cutting as revenue falls 2.8%

Source: Wall Street Journal

Nov 09, 2009

Summary

LONDON (MarketWatch) -- French water and waste management utility Veolia Environnement said Monday that its total revenue in the first nine months of the year fell 2.8% to 25.36 billion euros and was down 1.7% at constant exchange rates. The group said the biggest decline was in its environmental services unit, where revenue fell 10.9% as the economic downturn continued to affect the volumes of solid and hazardous waste collected and processed for industrial clients. Revenue in its energy and water divisions also declined, while its transport arm recorded a 1.7% rise thanks to new contract wins and an increase in tarrifs. The group said it's already achieved its target of cutting costs by 180 million euros in 2009 and is taking additional cost-cutting steps that should lift savings to around 220 million euros. Analysts polled by Dow Jones Newswires were expecting revenue of 25.73 billion euros.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.