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Business

Arianespace Posts Loss, Revenue Gains

European rocket company Arianespace on Tuesday posted a preliminary operating loss of €50-60 million euros ($65 million) for 2002. CEO Jean-Yves Le Gall said Arianespace recorded sales of €1.3 billion last year -- a significant increase over the previous year despite high-profile technological setbacks. In 2001, the company lost €193 million on total revenues of €800 million. Arianespace, a private company funded by a number of European countries -- including majority share owners France and Germany -- is responsible for managing and marketing the Ariane rocket program. Arianespace has a mixed track record for rocket launches, including the recent failure of the new Ariane-5 ECA rocket in December. The booster rocket failed on its maiden flight on Dec. 11, destroying two satellites and costing the company and customers close to $500 million..