French nuclear fuel supplier Areva has reported an increase in earnings for the 2012 financial year to €1.01bn ($1.32bn).

Net loss for the company reduced considerably from €2.5bn in 2011 to €99m in 2012, resulting from the sale of €1.2bn worth assets and lesser charges and write downs.

The company recorded growth in all of its businesses, having stabilized its mining business in 2012 with uranium sales improving in the past few months.

Operating profits were recorded at €118m in 2012, against a loss of €1.87bn in 2011.

Backlog was renewed over the past year to €45.4bn due to the increase in nuclear order intake.

Areva CEO Luc Oursel remarked that that company was ahead of schedule in executing its recovery plan, one year after launching its Action 2016 strategic plan.

"While pursuing our efforts in the management of a few difficult projects (such as OL3), our group was able to return to a virtuous performance cycle rooted in strong growth in nuclear order intake and good progress on its cost reduction program.

"We have secured 80% of our objective of one billion euros of savings by the end of 2015 to improve our competitiveness.

"We are fully mobilized to meet the next key milestone: a return to break-even in operating cash flow in 2013," Oursel said.