Europe Movers: Allianz, AXA, Dexia and RBS

Arthi Gupta
03 Aug, 2012
New York City

Allianz quarterly revenues rose 23% but RBS operating profit fell 22%. AXA net income slumped 36% and Dexia loss narrowed in the first-half. International Consolidated Airlines swung to loss in the second quarter.

[R]2:10 PM Frankfurt – Allianz quarterly revenues rose 23% but RBS operating profit fell 22%. AXA net income slumped 36% and Dexia loss narrowed in the first-half. International Consolidated Airlines swung to loss in the second quarter.[/R]

Allianz SE soared 3% to €81.10 after the German insurer reported second quarter total revenue rose 2.5% to €25.2 billion from the prior year. Net income rose 23.4% to €1.234 billion from €1 billion last year.

AXA SA climbed 2.1% to €9.91 after the insurer reported first-half total revenues increased 3% to €48.405 billion. Net income for the period slumped 36% to €2.59 billion from €4.01 billion last year.

BHP Billiton plc fell 1.6% to $57.61 after the diversified natural resources company announced that it would take $3.3 billion write-down on its U.S. shale gas business and Australian nickel operations.

Dexia S.A. plunged 8.7% to €0.21 after the Franco-Belgian lender reported first-half net loss group share narrowed to €1.17 billion or 60 cents per share compared to a loss of €3.96 billion or €2.03 per share last year. The company said prior-year results were restated.

ElringKlinger AG gained 3.4% to €22.66 after the cylinder-head and specialty gaskets manufacturer said second quarter revenues improved 12.4% to €286 million from the same quarter a year earlier. Net income surged 34.6% to €25.3 million from €18.8 million in the prior year.

International Consolidated Airlines Group SA slumped 3.6% to 153.60 pence after the multinational airline holding company reported second quarter total revenue grew 11.5% to €4.61 billion from 4 the prior-year quarter. Pre-tax loss for the quarter was €127 million compared to a pre-tax profit of €86 million last year.

Rentokil Initial plc surged 5.4% to 75.50 pence after the British business services group said second quarter revenue rose 1.1% at actual exchange rates to €632 million from the prior-year quarter. Profit before tax rose 36.6% at current exchange rate to €33.2 million from last year.

Royal Bank of Scotland Group plc soared 4.5% to 213.60 pence after the holding company said second quarter total net interest income declined to £2.97 billion from £3.23 billion in the comparable period in 2011. Operating profit fell 22% to £650 million from £833 million in the year-earlier period.