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Market Update

Hapag-Lloyd Loss Narrows, Deloitte UK Revenues Jumps 11%

Author: Sarla Buch
Last Update: 10:10 AM ET August 29 2017

4:00 PM Frankfurt Bunzl profit and revenues surged. Deloitte reported double-digit revenue growth. Hapag-Lloyd net loss narrowed on the improved transport volume. Mitie Group is facing UK regulatory investigation. Renault and Nissan to join electric car race in China.

In London trading, FTSE 100 index declined 82.98 or 1.1% to 7,318.51 and in Frankfurt the DAX index slumped 213.55 or 1.8% to 11,909.90.

In Paris, CAC 40 index dropped 63.85 or 1.3% to 5,016.

Bunzl Plc slumped 1.1% to 2,309 pence after the U.K.-based diversified distribution and outsourcing service provider reported revenues in the first-half ending in June soared 20% from a year ago to 4.1 billion.

Net profit in the period surged 18% to 131.7 million from 111.4 million in a year ago six-month period and diluted earnings per share jumped to 39.5 pence from 33.4 pence.

Bunzl said during the first-half, it had completed eleven acquisitions for 546 million.

Deloitte LLP, the U.K.-based privately held audit and taxation services provider said revenues in the year ending in May jumped 11.2% from a year ago to 3.4 billion.

Net profit in the period was flat at 608 million from a year ago period.

Deloitte said revenue in the consulting services soared 13.6% to 859 million and revenues in the audit and risk advisory advanced 13.1% to 932 million.

Hapag-Lloyd AG fell 0.8% to 36.97 after Germany-based marine freight and logistics services provider reported revenues in the first-half ending in June surged 18.4% from a year ago to 4.5 billion.

Net loss in the period narrowed to 46.1 million from 142.1 million in a year ago six-month period and diluted loss per share dropped to 0.38 from 1.22.

The transport volume in the period jumped 14%.

Mitie Group Plc dropped 1.1% to 262.80 pence and the U.K.-based outsourcing services provider is investigated by the Financial Conduct Authority on timing and content of profit warning.

The FCA is investigating the timeliness of profit warning that Mitie had announced in September 2016 and the manner of preparation and content of financial information, position and results.

Renault SA slipped 1.5% to 74.40 and France-based automobiles maker and Japan-based Nissan Motor Co Ltd agreed to set up a new joint venture in China with the state-owned rival Dongfeng Motor Group Co to design and build electric cars.

The production is scheduled to start in 2019.

Ford, General Motors, Tesla, Daimler, Volkswagen and others have already announced intentions to manufacture electric vehicles in China.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc