Pechiney recently announced earnings from operations in the fourth quarter of 2003 of € 66 million, down € 5 million from the fourth quarter of 2002, and up € 8 million from the third quarter of 2003. The net result for the fourth quarter was a loss of € 443 million, as a result principally of impairment charges and other one-off charges. The 2003 full year earnings from operations were € 262 million, down € 145 million (or 36%) from 2002, essentially due to the weakness in the U.S. dollar. The 2003 net result is a loss of € 508 million, compared to a loss of € 50 million a year earlier.
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