05282016Sat
Last update: Sat, 28 May 2016 03am

Company News: World

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Malaysia's Sime Darby, the world's biggest listed palm-oil producer, on Wednesday announced a 60 percent quarterly profit rise but warned of a tough outlook amid slow global demand and lower weather-reduced output. In a statement, Chief Executive Mohamad Bakke Salleh attributed the improved year-on-year earnings to sales of certain assets. The company had said in February it was considering selling real estate in Australia and Singapore to reduce debt.
German drugs and crop chemicals group Bayer has offered to buy US seeds company Monsanto for $62 billion in cash, defying some of its own shareholders in a bid to grab the top spot in a fast-consolidating farm supplies industry.
Thai Airways International PCL said its quarterly net profit surged by a third, its second consecutive quarter of profits, helped by a drop in fuel expenses as the flag carrier enters a second phase of restructuring. Net profit was 6 billion baht ($169.64 million) for the January-March quarter, up 32 percent from 4.54 billion baht a year earlier, the airline said in a statement.
Home improvement chain Lowe's Cos Inc followed larger rival Home Depot Inc in reporting better-than-expected quarterly sales as strength in the US housing market and favorable weather led to strong demand for building and home renovation products. Results from the home improvement chains stand in stark contrast to grim quarterly reports from retailers such as Macy's Inc as consumer spending shifts away from apparel and accessories to big-ticket items including cars and homes.
British telecoms giant Vodafone on Tuesday posted its first annual rise in operating profits in eight years, boosted by growth in Europe and emerging markets. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 2.7 percent to £11.6 billion ($16.7 billion, 14.7 billion euros) in the year to March, Vodafone said in a results statement. That was broadly in line with expectations of £11.7 billion, according to analysts polled by Bloomberg.
TJX Cos Inc, the owner of off-price chains T.J. Maxx and Marshalls, reported better-than-expected quarterly sales and raised its full-year profit forecast as its discounted offerings lured price-conscious shoppers from full-price retailers. Shares of the company, which also raised its full-year profit forecast, rose as much as 4.2 percent to $78.38 in early trading on Tuesday.
Commercial International Bank (CIB), Egypt's largest-listed company, reported a 17-percent rise in first-quarter net profit helped by improved interest margins. Net profit rose to 1.29 billion Egyptian pounds for the three months to March 31 from 1.1 billion a year earlier, it said in a statement to the bourse on Sunday. Revenue rose 4 percent to 2.63 billion pounds while standalone deposits increased by 9 percent to 169 billion pounds.