06292016Wed
Last update: Wed, 29 Jun 2016 10am

Industries & Sectors

Business & Finance - Industries & Sectors

Poland's PGNiG tops profit forecast on lower import costs WARSAW: Poland's biggest gas distributor, PGNiG, beat fourth-quarter net profit forecasts as the lower cost of gas imports outweighed impairments.Shares in the state-controlled company jumped more than 5 percent in early Thursday trading, after it posted a quarterly net profit of 688 million zlotys ($184 million).Analysts had on average expected a profit of 72 million zlotys after a 161 million net loss in the same period the year before, according to a Reuters poll.Forecasts ranged from a 258 million loss to a 399 million zlotys profit due to different approaches to calculating the price PGNiG pays for the gas it imports."PGNiG beat expectations mainly due to lower costs of gas purchases and an improved result in the distribution segment," Andrzej Kubacki, equity analyst at ING Securities, said.The group's fourth-quarter operating profit (EBIT) rose eight-fold to 759 million zlotys. The result would have been larger if not for impairments, which according ...

Business & Finance - Industries & Sectors

Austria's Andritz to double dividend on record order intake VIENNA: Austrian engineering group Andritz plans to double its dividend to 1 euro per share for 2014 as its order intake and backlog touched all-time highs, the company said on Thursday, reiterating forecasts of higher net profit in 2015.Fourth-quarter earnings before interest, tax and amortisation (EBITA) reached 145.1 million euros ($160 million), above the average estimate of 128 million euros in a Reuters poll of analysts.Copyright Reuters, 2015 ...

Business & Finance - Industries & Sectors

Continental expects sales jump as car output, tech demand grows BERLIN: German automotive supplier Continental expects sales to jump by almost half by 2020 on rising car production and demand for safety technology and electronic components.Continental said on Thursday it expected global output of passenger cars weighing up to 6 metric tonnes to rise to as many as 105 million vehicles by 2020 from about 89 million this year.Growing production could raise sales to more than 50 billion euros ($55.24 billion) by 2020 from 34.5 ...

Business & Finance - Industries & Sectors

SODIC says 2014 net profit 154.3mn Egyptian pounds CAIRO: SODIC, Egypt's third-largest listed property developer, said it made a net profit of 154.3 million Egyptian pounds ($20.2 million) in 2014 after a loss of 477.1 million pounds the previous year.SODIC, also known as Sixth of October Development and Investment Co., said in a statement on Thursday it had revenues of 1.37 billion pounds in 2014, up from 1.32 billion a year earlier.Copyright Reuters, 2015 ...

Business & Finance - Industries & Sectors

Delhaize profit above expectations as Belgian margins recover BRUSSELS: Belgian supermarket operator Delhaize on Thursday reported better-than-expected operating results in the fourth quarter, as its margins in Belgium improved from the previous quarter in spite of hefty sales declines.In Belgium, margins rose to 1.9 percent in the fourth quarter from 1.4 percent in the third, falling sharply compared to the 3.9 percent last year.In the United States, where the group operates the Food Lion and Hannaford supermarkets, margins were stable from the third ...

Business & Finance - Industries & Sectors

Ambani loses India rich list top spot to pharma tycoon MUMBAI: A fall in oil prices saw Mukesh Ambani cede his status as "India's richest man" on Thursday to pharmaceutical tycoon Dilip Shanghvi, who edged to the top of Forbes' list of billionaires in the country.The "real time" list of the richest Indians on the business magazine's website showed Shanghvi with a net worth of $22 billion, and Ambani, who chairs the giant Reliance Industries group, behind with $20.4 billion.The switch comes just three days ...

Business & Finance - Industries & Sectors

BAWAG PSK sees strong 2015 after profit jump VIENNA: Austrian lender BAWAG PSK forecast more growth this year after net profit swelled 45 percent to 333 million euros ($367.4 million) in 2014, driven by its retail and small business segments and cost cuts."We expect another strong year in 2015, projecting a net profit of over 400 million euros with all key metrics improving," Chief Executive Byron Haynes said in a statement.BAWAG, owned by US investor Cerberus Capital Management, easily passed health checks of ...