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FCC profit drops 59pc, misses forecasts

Friday, 11 May 2012 11:38
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MADRID: Spanish builder FCC registered a 59 percent fall in net profit in the first quarter of the year, hit hard by falling revenues at home where the economy slumped into a recession. Net profit in the first three months of the year was 16.6 million euros ($21.5 million) below analysts' expectations for 19 million euros in a Reuters poll. The company saw its first-quarter earnings before interest, tax depreciation and amortisations (EBITDA), fall by 13.8 percent ...

Fixed asset investment up 20.2pc in Jan, Apr: China

Friday, 11 May 2012 11:04
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BEIJING: China's urban fixed asset investments rose 20.2 percent in the first four months of 2012 compared with a year earlier, the government said on Friday. Fixed asset investments in the cities are a key gauge of the Chinese government's infrastructure spending, which has increased rapidly in recent years as Beijing has sought to cushion the impact of the global downturn. Copyright AFP (Agence France-Presse), 2012 ...

Eldest Kwok arrested as H.K. graft probe widens

Friday, 04 May 2012 10:40
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HONG KONG: A corruption probe into the activities of one of Asia's richest families widened on Friday after Hong Kong authorities arrested the eldest sibling of the Kwok brothers at the centre of the scandal. The Kwok family's company, Sun Hung Kai Properties, was briefly suspended from trade on the Hong Kong stock exchange ahead of its announcement that anti-graft agents had arrested Walter Kwok over bribery allegations. Kwok informed the board late Thursday that he had ...

UK mortgage approvals rise, construction PMI beats poll

Wednesday, 02 May 2012 13:51
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LONDON: Approvals for home loans in Britain rose unexpectedly in March, suggesting the housing market may be continuing to recover despite the end of a tax exemption for first-time buyers, Bank of England data showed on Wednesday. A separate release showed that the Markit-CIPS Construction Purchasing Managers' Index (PMI) eased to 55.8 from the previous month's 21-month high of 56.7, still well above the 50 level which separates growth from contraction and beating forecasts for a ...

Abu Dhabi's Sorouh's Q1 profit rises 30pc

Sunday, 29 April 2012 10:52
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DUBAI: Abu Dhabi's Sorouh Real Estate, which is eyeing a state-backed merger with rival Aldar Properties, posted a 30-percent rise in quarterly net profit riding on revenue from government projects and higher rental income. Sorouh, the second largest property developer by market value in Abu Dhabi, made a first-quarter net profit of 83.6 million dirhams ($22.76 million) compared with 64.3 million dirhams in the same period in 2011, it said in a statement on the Abu ...

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