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Posts Tagged ‘profit’

BP did not put profit before safety on Gulf well: probe

In Uncategorized on November 9, 2010 at 6:22 am

Japan firms profit from emerging economy demand: report

In Uncategorized on October 31, 2010 at 11:11 am

British Airways, Iberia fly back to profit

In Uncategorized on October 29, 2010 at 9:40 am

LONDON (AFP) – British Airways and Iberia of Spain flew back into profits on Friday ahead of their merger as the pair cut costs and benefited from a fragile recovery in air travel and the global economy.

BA posted net profits of 107 millions pounds (122 millions euros, 170 million dollars) for the six months to September, its first interim profit for two years, as revenues rose and non-fuel costs fell.

In Madrid, Iberia posted a 74-million-euro net profit for its third quarter, or three months to September, after a year-earlier loss of 16.4 million euros.

The healthy results are the latest evidence of a strengthening recovery in the global airline industry which was savaged by the worldwide economic slump that hammered demand for air travel.

BA’s first-half earnings after tax compared with a net loss of 217 million pounds in the six months to September 2009, the airline said in a statement.

The profits reflected steep cost-cutting and came despite recent travel chaos caused by the Icelandic volcanic ash cloud in April and cabin crew strikes.

Next month, BA and Iberia shareholders will vote on their landmark merger deal that is due to be completed in January 2011, creating the second largest airline group in Europe after Germany’s Lufthansa.

“The changes we have made to our cost base are now having a big impact on the business,” BA chief executive Willie Walsh said.

“I’m pleased with the results today — they demonstrate that the action we have taken has been the right decision for the business. The figures speak for themselves.”

He added: “The challenge we faced was one of structural cost difference between us and our competitors.

“We are also benefiting from an improved economy, which we hope will pick up in 2011. We don’t see any evidence to support a double-dip (return to recession).”

BA revenues rose 8.4 percent to 4.45 billion pounds in the reporting period, while operating costs declined 1.5 percent.

Pre-tax profit hit 158 million pounds, compared with a year-earlier loss of 292 million pounds and way above analyst forecasts for profit of 73 million pounds.

“Our concerted efforts to introduce permanent structural change across the airline has led to a reduction in non-fuel costs and a return to profitability,” Walsh said.

Despite healthy first-half profits, BA saw its share price slide in early morning trade on Friday as the group warned that the economic outlook was uncertain — and cited a tax hike in Britain next week.

BA shares sank 2.78 percent to 272.90 pence on the London stock market, which was 0.11 percent lower in late morning trade.

On Monday, the British government will ramp up Air Passenger Duty (APD), which is levied on all flights from British airports. The tax will rise by 55 percent for the most far-flung destinations.

“While positive, the economic environment continues to be subject to uncertainty, to which the increase in APD is unhelpful. We continue to focus on managing our costs,” the British carrier said.

The BA-Iberia tie-up will create Europe’s second-biggest airline by market value after Germany’s Lufthansa, combining Iberia’s strong position in Latin America with BA’s presence in Africa, Asia and North America.

Following the merger, Walsh will become chief executive of a new umbrella company which will control the two airlines, International Consolidated Airlines Group (IAG), while Iberia chairman Antonio Vazquez will be chairman.

Earlier this month, BA launched a transatlantic alliance with Iberia and American Airlines, pledging cheaper fares and more travel choice in a new agreement for greater coordination over routes.

The tie-up allows them to cooperate commercially on flights between the European Union, Switzerland, and Norway and the United States, Mexico and Canada.

Source: SGGP

BASF profit jumps five-fold to 1.25 billion euros

In Uncategorized on October 28, 2010 at 7:42 am

German chemical group BASF said that strong demand worldwide pushed its third quarter net profit five times higher than in the same period a year earlier to 1.25 billion euros (1.73 billion dollars).

The results confirmed a preliminary release last week, when BASF said sales had jumped by 23 percent to 15.8 billion euros amid a rebound in global economic activity.

“There was hardly any sign of the usual seasonal slowdown and the capacity utilization rate was high,” a company statement said on Thursday.

“Nearly every business benefited from this. Growth impetus came from all regions.”

Juergen Hambrecht, chairman of BASF, the world’s biggest chemicals company, seen here addressing the company’s annual general meeeting.

Core earnings before special items leapt by 77 percent to 2.2 billion euros, the company said, while reiterating that it had raised its outlook for 2010 as a whole.

“We anticipate our sales growth in 2010 will outpace global chemical production,” chairman Juergen Hambrecht was quoted as saying.

“Overall, we aim for sales of around 63 billion euros and income from operations before special items of more than eight billion.”

Hambrecht added: “We are now profiting from the favorable economic environment because we further improved our competitiveness in the crisis and made our portfolio even more cyclically resilient through the rapid integration of Ciba,” a Swiss specialty chemical company.

“We expect to earn a high premium on our cost of capital and thus to increase the dividend,” the BASF chairman said.

The group said last week that adjusted core earnings before interest and tax leapt by 89 percent to 6.4 billion euros in the third quarter, and forecast they could exceed eight billion euros this year.

Core earnings have already surpassed levels reached in 2007 and 2008, it noted.

Sales in almost all of the group’s sectors increased in the third quarter, with the exception of its agricultural solutions unit, which typically sees weaker sales in that period, and in the oil and gas division.

Source: SGGP

Apple net profit soars 70 percent

In Uncategorized on October 19, 2010 at 4:21 pm

Apple on Monday reported record quarterly revenue led by blockbuster sales of its latest generation iPhone and took shots at rivals Google and Research In Motion.

The California-based company said that its net profit in the quarter ending September 25 soared 70 percent to 4.31 billion dollars on unprecedented sales of Macintosh computers, iPhones and iPads.

“We are blown away to report over 20 billion dollars in revenue and over four billion in after-tax earnings — both all-time records for Apple,” said Apple chief executive Steve Jobs.

Apple reported record revenue of 20.34 billion dollars in the fourth quarter of its fiscal year, up from 12.21 billion dollars a year ago.

Apple has reported record quarterly revenue led by blockbuster sales of its latest generation iPhone and took shots at rivals Google and Research In Motion

Apple said it sold 3.89 million Macintosh computers during the quarter, up 27 percent from a year ago, 14.1 million iPhones, up 91 percent from a year ago, and 4.19 million iPads, up from 3.3 million the previous quarter.

Apple said it sold 9.05 million iPods during the quarter, down 11 percent from a year ago.

Jobs said during an earnings call that iPhone “handily” outsold BlackBerry and that he didn’t see the handsets made by Canada-based Research In Motion catching up any time soon.

He then took aim at Google and its Android software for mobile phones.

Jobs downplayed claims that approximately 200,000 Android mobile devices are activated daily, saying that daily activations for Apple gadgets averaged 275,000 in the past 30 days.

“We are confident our approach will triumph over Google’s fragmented approach,” Jobs said.

While Android touts being “open” software that handset makers can craft into devices as they wish, Apple’s “closed” approach lets it control quality from the hardware to the software.

“The closed approach enables Apple to make products they believe create the best customer experience,” said NPD analyst Ross Rubin. “The success they are having in the market validates that many customers believe that is true.”

Jobs contended that the array of smartphone makers putting custom spins on Android software will be “a mess” for users and application makers.

Apple shares were down 6.13 percent in after-hours trading to 298.50 dollars as iPad sales fell short of expectations. Analysts had expected Apple to sell as many as five million iPads during the quarter.

Investors were evidently also concerned about costs and aggressive pricing eating into the money Apple makes per gadget.

Jobs remained confident, saying that he believed Apple has a “tiger by the tail” with the iPad and that there is little sign of a viable challenger.

Jobs saw only a “handful of credible entries” in the tablet market and said that most came up short because of 7-inch screens, which work out to be only 45 percent of the area on Apple’s tablet computer.

He maintained that those touch-screens are too small for great applications unless they “include sand paper so users can sand down their fingers” to tap onscreen keys.

“Seven-inch tablets are tweeners,” Jobs said. “Too big to compete with a smartphone and too small to compete with an iPad.”

Apple plans to build on the momentum of its Macintosh computers with an event Wednesday in San Francisco focused on refreshing the line-up in time for the year-end holiday shopping season.

“We still have a few surprises left for the remainder of this calendar year,” Jobs said.

Apple ended the recent quarter with about 51 billion dollars in its coffers and is saving the money for acquisitions or other tactical corporate moves.

“We would like to continue to keep our powder dry because we do feel there are some strategic opportunities in the future,” Jobs said.

Apple revealed that it has sold about 250,000 of its new Apple TV devices since the second-generation of the gadget priced at 99 dollars became available in September.

“Clearly, it was a very strong quarter,” Rubin said.

Source: SGGP

Intel posts 3 billion dollar quarterly net profit

In Uncategorized on October 13, 2010 at 8:09 am

 US computer chip giant Intel posted a quarterly net profit of nearly three billion dollars on Tuesday and record revenue of more than 11 billion dollars.

Earnings per share of 52 cents were slightly better than the 50 cents expected by Wall Street analysts.

Revenue rose 18 percent during the quarter ending September 25 to 11.1 billion dollars, roughly what the company forecast in August when it slashed its third quarter revenue outlook due to lower demand for computers.

Intel, the world’s biggest manufacturer of computer chips, said it expected revenue of 11 billion to 11.8 billion dollars during the current quarter.

The Intel logo is displayed outside the firm’s offices in Santa Clara, California

Intel shares were up 0.91 percent at 19.95 dollars in after-hours electronic trading.

“Intel’s third-quarter results set all-time records for revenue and operating income,” Intel president and chief executive Paul Otellini said.

“These results were driven by solid demand from corporate customers, sales of our leadership products and continued growth in emerging markets,” Otellini said in a statement.

“Looking forward, we continue to see healthy worldwide demand for computing products of all types and are particularly excited about our next-generation processor, codenamed Sandy Bridge, and the many new designs around our Intel Atom processors,” he said.

In a conference call with financial analysts, Otellini said Sandy Bridge represented the “largest increase in computing performance in our history.”

“Early demand is much higher than anticipated,” he said.

Otellini also said he did not expect tablet computers such as Apple’s iPad and upcoming devices running Google’s Android platform to significantly impact personal computer sales.

“Sure, at the margins they probably will, we saw the same things with netbooks,” he said.

“But three years later, both the PC and netbook markets have grown,” the Intel chief said. “In the end, the tablet category will be additive to our bottom line and not take away from it

“We think that tablets are exciting and we fully welcome their arrival,” he said.

Source: SGGP

Toyota first quarter net profit 2.2 billion dlrs

In Uncategorized on August 4, 2010 at 11:20 am

(AFP file)

TOKYO (AFP) – Toyota Motor Wednesday reported a net profit of 190.47 billion yen (2.2 billion dollars) for the quarter ended June, compared to a loss of 77.8 billion yen in the same period a year earlier.

The world’s largest automaker also raised its annual net profit forecast to 340 billion yen from 310 billion forecast in May.

Operating income increased from a loss of 194.9 billion yen to a gain of 211.6 billion yen, as the automaker cited increases in vehicle sales and “a large decrease” in costs related to loan losses.

The automaker’s strong results come despite it pulling around 10 million vehicles worldwide, as it faces a host of lawsuits over issues of “unintended acceleration” blamed for more than 80 deaths in the United States.

Source: SGGP

Toyota set to post billion dollar annual profit: report

In Uncategorized on May 9, 2010 at 4:47 am

TOKYO, May 9, 2010 (AFP) – Japan’s embattled auto giant Toyota will likely post an operating profit of around one billion dollars for the year to March despite worldwide safety recalls, a local newspaper reported Sunday.

Toyota, which is to release its annual results on Tuesday, may report an operating profit of up to 100 billion yen (1.09 billion dollars), the Yomiuri newspaper reported, without citing sources.

The world’s top automaker posted a net loss of 4.4 billion dollars in the year to March 2009, the first time ever it had sunk into the red, as global car sales collapsed during the recession.

Its annual operating loss that year was 461 billion yen.

Announcing those results in May last year, Toyota warned that it faced a net loss of 550 billion yen and an operating loss of 850 billion yen in the year to March 2010.

In addition to the industrial slump, Toyota’s reputation has taken a severe battering after it recalled about 10 million vehicles worldwide, mostly for problems with sudden acceleration.

But its global sales have nevertheless been recovering steadily. In March, worldwide sales surged 26 percent year-on-year while global production jumped over 80 percent compared with a year ago, when the industry scaled back to cope with evaporating demand.

Source: SGGP

Microsoft profit soars with Windows 7 sales

In Uncategorized on April 23, 2010 at 2:27 pm

US software giant Microsoft has said that revenues surged to a record high in the recent quarter as Windows 7 operating system succeeded where its predecessor failed.

operating system succeeded where its predecessor failed.

Microsoft reported that its net profit in the quarter ending March 31 climbed 35 percent to 4.01 billion dollars.

The firm’s revenue hit a record 14.50 billion dollars in the quarter, up six percent over the same period a year ago.

“Windows 7 continues to be a growth engine, but we also saw strong growth in other areas like Bing search, Xbox Live and our emerging cloud services,” said Microsoft chief financial officer Peter Klein on Thursday.

Microsoft CEO Steve Ballmer (right) is joined by a Windows project manager at an electronics show in Las Vegas, Nevada.

Microsoft said revenue from its Windows computer operating system was up 28 percent over a year ago, driven by strong demand for the latest version, Windows 7.

“Business customers are beginning to refresh their desktops and the momentum of Windows 7 continues to be strong,” chief operating officer Kevin Turner said.

Strong profit due to droves flocking to Microsoft’s new operating system is a strong sign of the pent-up demand created when people shunned its predecessor Vista.

Microsoft released Windows 7 to the world in October as it tried to regain its stride after an embarrassing stumble with Vista.

While computer users may not give much thought to operating systems that serve as the brains of their machines, the programs are at the heart of Microsoft’s global software empire.

Microsoft operating systems run more than 90 percent of the world’s computers.

The failure of Vista to catch on hurt Microsoft competitively, giving Apple the opportunity to woo PC users to Mac.

Apple reported stellar quarterly earnings this week, citing factors that included lots of people buying Macintosh machines for the first time.

Microsoft apparently learned a lesson from Vista and worked closely with computer makers, users and software developers while crafting Windows 7.

Some say consumers snatching up Windows 7 or machines pre-loaded with the software is a sign that the economy is on the mend.

“Microsoft is a phenomenal bellwether for technology spending,” analyst Rob Enderle said. “If they go up, it is one of the strongest indications that the tech market is improving.”

Windows 7 is installed on more than 10 percent of computers worldwide, making it the fastest selling operating system in Microsoft’s history, according to Klein.

Data released by industry-tracker IDC shows that personal computer sales rebounded at the end of last year and that momentum has carried into 2010.

Further good news for the technology industry came in the form of computer chip titan Intel nearly quadrupling its profit in the first three months of this year.

“We are encouraged by improving market conditions taking shape,” Klein said during an earnings webcast.

Wall Street had anticipated strong earnings from Microsoft since computer sales appeared to be picking up.

“Increased earnings in an improving but still troubled market is always good news,” Enderle said. “But we are not out of the woods yet.”

March was the 10th consecutive month of slight gains in search share for Bing, which Microsoft unveiled in June accompanied by a 100-million-dollar advertising campaign in a bid to challenge search juggernaut Google.

Bing’s share of the US search market rose to 11.7 percent in March from 11.5 percent in February, according to Web analytics firm comScore.

Google remained the overwhelming leader of the lucrative US search and advertising market with 65.1 percent in March.

Microsoft saw online advertising revenue climb 19 percent and expects its growth to outpace the overall market. Klein said the benefits of a deal to use Bing for searches on Yahoo! should begin kicking in later this year.

Yahoo! and Microsoft unveiled a 10-year Web search and advertising partnership in July that set the stage for a joint offensive against Google.

Microsoft is still losing more money than it makes in online operations, spending a lot of cash to gain ground in search advertising, according to financial analyst blogger Henry Blodget.

Source: SGGP

ACB bank reports better-than-expected gross profit

In Vietnam Banking Finance on January 18, 2010 at 2:59 pm

Customers at an ACB unit

Asia Commercial Bank said it posted 2009 pre-tax profit at almost VND2.82 trillion (about US$153 million), VND118 billion higher than the year target.

The Ho Chi Minh City-based banking group said in a statement issued Jan. 14 that one-fifth of the profit came from credits, a quarter from shares, equities and valuable papers, another quarter from investment and money business, and the balance from other activities.

ACB said lending soared by 81 percent in the end of last year, compared with the beginning of the year. The bank also reported bad debts at only 0.41 percent.

The banking group said its total assets reached VND171.95 trillion, increasing by 63 percent from 2008.

Last year, ACB was picked as the best bank of Vietnam 2009 by six banking magazines namely Asiamoney, FinanceAsia, Euromoney, Global Finance, The Asset, and The Banker.

Source: SGGP Bookmark & Share