UBS Loss, Lay-offs and Capital Plan
May 07, 4:48 PM EDT |
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| First quarter net money outflows at UBS was Sfr 12.8 billion compared to net inflows of 52.8 billion francs in the same quarter a year ago. |
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| UBS, the largest Swiss bank first quarter earnings was negatively impacted by the continued deteriorating of U.S. mortgages and other loans. UBS will sell $15 billion of troubled loan portfolio to asset manager BlackRock. The bank expects to complete a 15 billion francs rights issue in June and announced a plan to eliminate 5,500 positions by mid-2009. |
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Lafarge Profit Up 49% on Sales
May 07, 2:13 PM EDT |
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| Quarterly free cash flow rose 88% to €391 million as pricing review helped offset increases in raw materials prices. |
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| The world’s largest cement maker Lafarge SA’s sales increased 8% to €4 billion from €3.6 billion last year thanks to cement sales which increased 16% to €2.5 billion leveraged by strong growth in emerging markets such as Central and Eastern Europe and Asia. Throughput from Egypt’s Orascom Construction, which was acquired in December for €8.8 million, also helped to boost revenues. |
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Deutsche Bank Posts a Loss of €141 million
May 01, 10:07 AM EDT |
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| Quarterly pretax loss was €254 million on markdowns of €2.7 billion for leveraged loans, loan commitments, and residential mortgage backed securities. |
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| Germany’s biggest bank Deutsche Bank recorded a loss for the first time in five years The bank reported a loss of €141 million (or $220 million) in the latest quarter, compared to a profit of €2.1 billion a year ago. Pretax earnings declined to a loss of €254 million versus a €3.2 billion profit in 2007. The management explained that Deutsche Bank had been forced to write down €2.7 billion in the value of assets. |
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Jones Lang Plunges 11%, CB Richard Up 3%
Apr 30, 1:45 PM EDT |
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| CB Richard earnings rise on strong growth in Europe and Middle East but weakness in the earnings in the region hurt Jones Lang LaSalle. |
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| Jones Lang LaSalle first quarter revenue rose 15% to $564 million and earnings plunged 90% to $2.8 million or earnings per share declined to 9 cents from 81 cents in the quarter a year ago. Weak transaction revenue growth in Europe and a decline in capital markets activites hurt the earnings. Separately, CB Richard Ellis reported flat revenue of $1.23 billion and earnings of $20.45 million or 10 cents per share compared to $12 million or 5 cents per share in the quarter a year ago. |
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Gemalto Annual Profit Rises
Mar 25, 5:31 AM EDT |
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| Revenues in the full year ended December 31st slid 4% to €1.63 billion from €1.69 billion a year earlier. |
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| Digital security company Gemalto attributed the annual revenues decline to the price recovery program that leveraged growth in the Mobile Communications segment. Performance was dragged by the restructuring of the Secure Transactions business that was launched in Western Europe. Annual net profit rose from €1.6 million a year ago to €89.2 million. Basic EPS increased from €0.02 per share to €0.98. |
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Nuef Cegetel Profit Grows 23%
Mar 11, 3:16 PM EDT |
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| EBITDA rose 32% from a year ago to 720 million euro after profit in the Mass Market Division increased 65% to 1.4 billion euro. |
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| Despite the impact of the acquisition and integration of Club Internet, France’s second largest broadband company Nuef Cegetel revenues increased 16% to 3.3 billion euro from 2.8 billion euro a year earlier as revenues in the mass market division rose to 1.4 billion euro from 872 million euro. The company proposed a 50% rise in dividends to 0.60 euro per share from 2006. |
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Bovis Homes Group Profit Falls 6%
Mar 10, 2:57 PM EDT |
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| Second half profit slumped 17% from a year ago to £45.8 million as the average selling price slid 2.3% to £179,500 and the number of plots fell 10%. |
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| The most profitable homebuilder in the U.K. Bovis Home Group said that its annual revenues declined 7% from a year ago to £555.7 million as average sales prices fell 2% to £179,500, while legal completions fell 6% year-on-year to £2,930. Operating profit for the year also plummeted 10% to £124,4 million from £137 million last year. The company proposes full-year dividend of 35 pence per share |
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Shaky Outlook Hits Nokia Stock
Apr 18, 3:33 PM EDT |
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| Nokia exceeded earnings estimates, but its stock was hit by shrinking market share and disappointing outlook. |
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| The mobile-phone giant reported earnings of 1.22 billion euros, or 32 euro cents a share, up 24.8% from a year ago. Excluding one-time items, Nokia earned 38 euro cents a share, 2 cents better than estimates. Sales for the quarter were 12.66 billion euros, up 28.4% from a year ago. Nokia expects the mobile-device market to shrink in euro terms in 2008 vs. last year hurt by the weakening dollar and the economic slowdown in the U.S. and in Europe. |
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Earnings: LVMH, Accor, Tesco
Apr 15, 6:05 PM EDT |
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| LVMH reported a rise in sales as luxury goods retailer benefited from 12% rise in world sales. Accor revenue in the U.S. fell. |
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| LVMH, luxury goods retailer reported 5% rise in sales in the first quarter. Except at wine and spirit division, sales rose across the board in leather goods, cosmetics, perfumes and jewelry. However, first quarter revenue at largest European hotel operator fell 5% on sale of the U.S. chain Red Roof Inn and exchange rate losses. The third largest European retailer Tesco reported 12% rise in earnings on 11% rise in sales. The company said its losses in U.S. retail chain is within budget. |
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UBS Surges 10% on $15 B Offering
Apr 01, 8:20 AM EDT |
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| UBS pre-announced a loss of $12 billion and proposed to raise $15 billion through rights offering. |
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| The second largest Swiss bank, UBS reported a sharply higher loss in the first quarter and proposed to raise $15 billion in rights offering. The pre-announced loss was larger than what market had expected. The losses and write-down in real estate loans amounted to $19 billion. Separately UBS announced that its long time chairman Marcel Ospel has resigned and is replaced by its general counsel. UBS also confirmed that it is losing clients and assets in its wealth management unit. |
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