Last update: Sat, 29 Oct 2016 12am

Company News: World


Hyundai Motor Co's quarterly net profit skidded to its lowest level in more than four years on a protracted strike at home and weakness in emerging markets, and it warned it may miss its sales targets for a second straight year. Falling far short of consensus estimates, the results come just a day after the South Korean automaker said about 1,000 executives will take a 10 percent pay cut amid a severe slump that also reflects slower growth in more developed markets.
Bank of China Ltd (BoC), the country's fourth-biggest lender by assets, reported a 2.4 percent rise in third-quarter net profit on Wednesday, even as margins shrank and bad loans rose. State-owned BoC's results, the first among China's biggest banks to report third-quarter earnings, show that a pile-up of bad debts amid a slowdown in the world's second-largest economy continued to weigh on lenders' profits by forcing ever bigger write-offs.
Kuwaiti telecoms giant Zain said Tuesday its net profits rose in the third quarter and the first nine months of 2016 despite regional conflicts and currency fluctuations. The company's net profit in the third quarter increased 12 percent to 43 million dinars ($142.4 million) from 38.4 million dinars ($127.2 million) in the same quarter last year, it said in a statement.
Sluggish activity in oil and gas weighed on General Electric's third-quarter results Friday, offsetting strength in other businesses and pushing profits lower. Net income for the industrial conglomerate fell 20.4 percent to $2.0 billion. Revenues rose 4.4 percent to $29.3 billion. General Electric scored higher net profit in several businesses, including power, renewable energy, aviation and health care.
Southwest Airlines Co's quarterly revenue missed analysts' estimates, hurt by a computer outage in July, and the company forecast a key profitability measure for the fourth quarter to decline more than what some analysts had expected. The company's shares fell as much as 12 percent to $36.91 in morning trading on Wednesday, on track to post their worst day in more than a year.
Saudi petrochemical giant SABIC on Wednesday reported a 6.8 percent drop in net profit for the quarter ended September 30, compared with the same period last year. Saudi Basic Industries Corp, the largest publicly traded firm in the Gulf, said net profit fell to 5.2 billion riyals ($1.4 billion) against 5.6 billion riyals in the third quarter last year.
Spanish banking giant Santander posted flat net profit growth in the third quarter as its results were hit by the slump in the pound following Britain's vote to leave the EU. The bank said its July-September net profit was virtually unchanged from the same time last year, hitting 1.7 billion euros ($1.8 billion), a 0.9-percent increase.