Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

The Prosecutor Who Could Save Baltimore

Read more

FRANCE IN FOCUS

Central African Republic: French soldiers face sex abuse allegations

Read more

#THE 51%

UK elections: Does the women's vote count?

Read more

REVISITED

Questions remain 7 years after China's Sichuan quake

Read more

#TECH 24

Apple Watch put to the test

Read more

YOU ARE HERE

Bread, a French tradition

Read more

FOCUS

Lebanon's Roumieh prison: Iron-fist policy against a jihadist hub

Read more

REPORTERS

Syria: On the trail of looted antiquities

Read more

BUSINESS DAILY

Are you ready to rumble? Mayweather-Pacquiao is biggest payday in sports history

Read more

Business

State finance body reports heavy losses

Latest update : 2009-04-16

France's Caisse des dépôts et consignations (CDC), a state savings and investment body controlled by the French parliament, has reported an annual loss of 1.468 billion euros, its first loss in almost two centuries.

AFP - The giant French state-controlled savings and investment vehicle CDC reported an annual net loss of 1.468 billion euros (1.9 billion dollars) on Thursday, its first loss for nearly 200 years.

The Caisse des depots, which receives certain regulatory deposits and acts as an investment arm for long-term policy, said that its results for 2008 had been dragged down by provisions for some shareholdings in its investment portfolio.

The organisation said that it had provisioned 921 million euros for its portfolio of shares, and 2.082 billion euros for its 17.6-percent holding in French-Belgian bank Dexia and for its 20.1-percent interest in French civil engineering group Eiffage.

Managing director Augustin de Romanet said that the shares had not been sold and the these provisions reflected latent capital losses.

He said that the loss demonstrated "the extent of the commitment of the Caisse des depots as a long-term investor."

The CDC said that after exclusion of exceptional items, it had made a recurrent net profit of 1.535 billion euros.

Date created : 2009-04-16

COMMENT(S)