Latest News In Stock Market Investment Research – August 28, 2009

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28 Aug 2009 at 3:20am

HONG KONG (MarketWatch) — Henderson Land Development Co. said Friday its fiscal-year net income plunged 64% to HK$5.41 billion ($791.5 million), or HK$2.58 a share, in the 12 months ended June 30, from 15.47 billion yuan, or HK$7.54 a share, in the 12-month period a year earlier. The company attributed the drop to a decrease in turnover in its property development business resulting from weak sales. Total revenue fell 37% to HK$8.46 billion from HK$13.49 billion in the prior fiscal year. Revenue from property development fell 55% to HK$4.08 billion. The company, controlled by Hong Kong billionaire Lee Shau-kee, which will move its fiscal year end to December from June, declared a second interim dividend of 30 Hong Kong cents a share.

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Euro-zone Aug. economic sentiment index rises

28 Aug 2009 at 2:12am

LONDON (MarketWatch) — Economic confidence across the 16-nation euro zone jumped more than expected in August, with the European Commission’s economic sentiment indicator rising to 80.6 from a reading of 76 in July. Economists had forecast a rise to 78. The survey’s sub-indexes saw a rise in sentiment in the industrial sector to -26 from -30, while the services index jumped to -11 from -18. The consumer index gained a point to -22, while the retail trade index slipped a point to -14. The construction index rose to -32 from -33.

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PetroChina first-half profit falls 7.2%

28 Aug 2009 at 2:09am

LOS ANGELES (MarketWatch) — PetroChina Co. , China’s largest energy company, said Friday its first-half profit attributable to shareholders fell 7.2% to 50.5 billion yuan ($7.39 billion), or 0.28 yuan a share, from 54.4 billion yuan, or 0.3 yuan a share, in the first half of 2008, under international accounting standards. The company cited lower international crude prices and falling demand in the Chinese oil market for the fall in profit. Revenue for the six months to June was 415.3 billion yuan compared to 551.3 billion yuan in the year-ago period. The company said its outlook for the second half faces uncertainties and will place “top priority” on resources exploration and exploitation.

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China Unicom profit falls, iPhone deal set for Q4

28 Aug 2009 at 1:50am

LOS ANGELES (MarketWatch) — China Unicom Hong Kong Ltd. said Friday its first-half profit fell 42% to 6.62 billion yuan ($969 million), or 0.28 yuan a share, from 12.1 billion yuan, or 0.51 yuan a share, in the first six months of 2008. The company blamed the drop on corporate restructuring and intensified competition. Revenue for the period was 76.3 billion yuan compared to 81.5 billion yuan a year earlier. The Chinese telecom also said it had struck a three-year deal with Apple Inc. to sell iPhone third-generation handsets in China, beginning in the fourth quarter of this year. China Unicom Chief Executive Chang Xiaobing said that the restructuring of mainland Chinese telecoms and the sale of 3G licenses — all of which took part in the first half of the year — had made the sector “increasingly complicated.” Chang said the company would seek to build out its 3G business in second half.

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U.K. 2nd-quarter GDP revised up to show 0.7% fall

28 Aug 2009 at 1:40am

LONDON (MarketWatch) — British gross domestic product saw a quarterly contraction of 0.7% in the second quarter, the Office for National Statistics reported Friday, compared to a preliminary estimate of a 0.8% decline. Compared to the same period last year, GDP fell 5.5%, compared to an initial estimate of a 5.6% decline. The ONS said upward revisions to production trimmed the decline in GDP.

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U.K. consumer confidence steady in August

28 Aug 2009 at 12:51am

LONDON (MarketWatch) — British consumer confidence held steady in August for the third consecutive month, research firm GfK NOP said Friday. The firm’s consumer confidence index held at -25, unchanged from July and June and up from -36 in August 2008. Confidence in the “general economy” over the last 12 months rose three points to -69 from -72, while the gauge measuring confidence in the economy over the next 12 months slipped a point to -9 from -8 in July. While U.K. consumers “are still cautious about the economy, they are less depressed than this time last year,” said Rachael Joy, a member of the GfK NOP consumer confidence team. “Recent reports of housing market improvements and economic recovery may well be lifting the public confidence.”

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Iberia posts hefty 2Q loss, will cut capacity 5%

28 Aug 2009 at 12:20am

MADRID (MarketWatch) — Spanish airline Iberia Lineas Aereas SA said Friday it swung to a second-quarter net loss of 72.8 million euros ($104 million) versus a year-ago profit of 21.2 million euros, as the company struggled with the global economic crisis and an “unprecedented slump in demand” in Spain. Analysts polled by Dow Jones Newswires expected a loss of 69.8 million euros. Operating revenue for the group fell 22% to 1.07 billion euros, against 1.37 billion euros a year ago, while load factor was 81.3%, compared to 79.7% a year ago. The company has implemented a contingency plan designed to mitigate the negative effects of the global crisis and a potential slowdown in travel if the swine flu worsens in the next few months. Iberia expects traffic will stay weak and will cut flight capacity by more than 5%.

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L’Oreal shares rise 7.4% in Paris

28 Aug 2009 at 12:16am

LONDON (MarketWatch) — L’Oreal [: fr:or] shares jumped almost 7.4% in early trading on Friday. The French cosmetics firm said late Thursday that its first-half net profit declined to 1.1 billion euros, from 1.26 billion euros last year. The figure met analyst forecasts, according to data compiled by Dow Jones. Sales rose to 8.8 billion euros, from 8.6 billion euros a year ago. “With prospects of a gradual improvement in sales, and despite the continuing uncertainty of the market context, we are tackling the second half with confidence,” said CEO Jean-Paul Agon.

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European shares higher in early trading

28 Aug 2009 at 12:07am

LONDON (MarketWatch) — European shares moved higher in early trading, boosted by gains from companies such as L’Oreal , up 9.5%, and Carrefour [s; fr:ca], up 0.9%, after both firms updated investors. Miners were the best performers by sector, with Xstrata shares up 2.9%. Overall, the French CAC-40 index rose 0.9% to 3,681.10, the German DAX index climbed 0.8% to 5,515.65 and the U.K. FTSE 100 index rose 0.7% to 4,904.30.

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Independent News & Media posts loss after charge

27 Aug 2009 at 11:48pm

LONDON (MarketWatch) — Independent News & Media said Friday that it swung to a first-half net loss of 34.7 million euros, after taking an 86.8 million euro pre-tax exceptional charge mostly related to asset impairments. Last year, the firm posted a profit of 80.5 million euros. Revenue declined to 608.8 million euros, from 780.4 million euros recorded a year ago. The firm said that it continues to hold constructive discussions with its bondholders and its banks in relation to its refinancing requirements. The group said that its results represent a resilient performance in a global market that is experiencing adverse economic pressures and unprecedented advertising weakness.

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Aegis posts first-half loss

27 Aug 2009 at 11:41pm

LONDON (MarketWatch) — Media buying firm Aegis said Friday that it swung to a first-half loss of 2.1 million pounds. Last year, the firm posted a profit of 30.0 million pounds. The firm took 15.7 million pounds of restructuring charges in the period, up from 4.8 million pounds last year. Revenue rose to 636.7 million pounds, from 607.6 million pounds last year. Aegis expects full-year profit to be in line with current market consensus.

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PartyGaming posts loss after charge

27 Aug 2009 at 11:37pm

LONDON (MarketWatch) — Online gaming firm PartyGaming said Friday that it swung to a loss of $66.9 million in the first six months of 2009. Last year, the firm posted a profit of $22.7 million. The company signed a non-prosecution agreement with the U.S. Authorities and took full provision for a $101.0 million settlement. Revenue fell to $201.3 million, from $254.8 million, reflecting currency movements, competitive pressures in poker and the consumer slowdown. Trading since 30 June 2009 has been in line with management’s expectations, the firm said.

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Lukoil second-quarter net income drops 43.7%

27 Aug 2009 at 11:33pm

LONDON (MarketWatch) — Russian oil giant Lukoil said Friday that its second-quarter net income fell to $2.3 billion, from $4.1 billion a year ago. Sales declined to $20.1 billion, from $31.9 billion last year. The firm said that the drop in net income was mainly due to lower hydrocarbon prices compared to a year ago. In the first half of 2009 the firm’s crude oil production increased 4% to 358.4 million barrels.

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Hermes first-half net income slips 7%, sales up

27 Aug 2009 at 11:26pm

LONDON (MarketWatch) — French luxury goods firm Hermes said Friday that first-half net income fell 7% to 125.4 million euros, hit by a decline in the rate of return on financial investments and by valuation adjustments on foreign exchange instruments. Sales rose 7.6% to 874.9 million euros. Sales fell slightly in most of Europe, in the Americas and in Japan. They were higher in France and the rest of Asia. By sector, sales were driven by silk scarves, fashion accessories and the firm’s leather goods & saddlery division. Hermes said that the trend seen in the first half is consistent with its target of steady full year sales at constant exchange rates and a slight contraction in current operating income.

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Carrefour swings to first-half net loss

27 Aug 2009 at 11:20pm

LONDON (MarketWatch) — French retail giant Carrefour said Friday that it swung to a net loss of 58.1 million euros in the first half of 2009. Last year, the firm posted a profit of 746.5 million euros. Adjusted for exceptional items, net income from continuing operations fell 42.4% to 415 million euros. Sales declined by 1.6% to 41.3 billion euros. “In a challenging environment, Carrefour posted resilient first-half sales and market-share gains, notably in France,” said CEO Lars Olofsson. The firm is track to deliver on 2009 objectives, he added.

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August 28 2009 02:41 am | Stock Market News

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