Business

Veolia utility group issues upbeat outlook

Veolia trucks
Image caption Veolia is one of the world's largest waste management firms

French utility group Veolia has issued an upbeat outlook for the year ahead as increasing raw material prices mean clients look to Veolia to source cheaper recycled materials.

The group also reported a slight fall in 2010 net income to 581m euros, from from 584m euros in 2009, due to falling demand during the downturn.

The firm said it was adopting a plan to save 300m euros ($418m; £257m) by 2013.

It also plans to sell 4bn euros worth of assets over the period 2011-2013.

At the end of 2010, Veolia won a 12-year, 1bn-euro contract to operate trains in the German state of Bavaria.

Veolia is one of the world's largest waste management firms.

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