Last update: Mon, 02 May 2016 06am

Company News: World


Mashreq, Dubai's third-biggest lender by assets, on Sunday posted a 18.3 percent fall in first-quarter net profit as it failed to recoup as many bad debts as it did in the corresponding period of last year. The lender made a net profit of 532 million dirhams ($144.9 million) for the three months to Mar. 31, it said in a statement, a decrease on the 651 million dirhams recorded for the corresponding period of 2015.
US energy firm Chevron reported Friday a loss of $725 million in the first quarter, joining the growing list of petroleum giants that finished the period in the red. Chevron reported $2.6 billion in earnings in the year-ago period. Revenues dropped 31.8 percent to $23.6 billion. Losses were centered in Chevron's normally lucrative upstream oil and natural gas production operations. That was due to a nearly 40 percent drop in oil prices compared with the 2015 period.
Italy's Eni is well on track to sell assets worth 5 billion euros in the next two years as the oil major looks for resources to fund high-profile projects in Egypt and Mozambique and offset the impact of lower oil prices. The state-controlled company, which has one of the best success rates in the industry in finding new reserves at one of the lowest cost bases, has tabled disposals of 7 billion euros ($8.01 bln) to 2019.
Amazon.com Inc's quarterly profit and revenue topped analysts' expectations by a wide margin as the Prime loyalty program helped the online retail giant attract more customers and revenue surged in its cloud services business. Shares of the world's biggest online retailer jumped nearly 13 percent to $679 in extended trading on Thursday.
EBay Inc reported better-than-expected quarterly earnings and raised its full-year revenue forecast as a revamped shopping platform attracted more buyers, mitigating growth concerns following its spinoff of PayPal Holdings Inc.
South Korean memory chip maker SK Hynix Inc said its first-quarter operating profit fell 65 percent from a year earlier to its lowest in 3 years, hit by faltering demand for consumer electronics such as smartphones. SK Hynix said in a regulatory filing its January-March operating profit came in at 562 billion won ($489 million), the lowest since the first quarter of 2013, in line with a 559 billion won profit tipped by a Thomson Reuters SmartEstimate.
Telefonica Brasil SA said it nearly tripled first-quarter net income from a year ago as the country's biggest telecommunications company sold cell towers and cut costs after acquiring broadband provider GVT. Profit rose to 1.218 billion reais ($346 million), it said in a securities filing, beating an average forecast of 1.1 billion reais in a Reuters poll of analysts.