Europe Movers: E.On, InterContinental Hotels, Lanxess, Xstrata

Arthi Gupta
07 Aug, 2012
New York City

Lanxess second quarter net declined due to exceptional charges but InterContinental revenue increased 3.3%. Xstrata first-half profit plunged 33% to $1.94 billion.

[R]1:45 PM Frankfurt – Lanxess second quarter net declined due to exceptional charges but InterContinental revenue increased 3.3%. Xstrata first-half profit plunged 33% to $1.94 billion.[/R]

Danske Bank A/S soared 5.1% to DKK 94.55 after the Denmark-based bank reported net profit of DKK 2.3 billion for the first half, a 20% rise from the first half of 2011.

E.ON AG increased 0.5% to €17.70 after the energy solutions provider said it expects first-half operating earnings of €6.7 billion and underlying net income around €3.3 billion.

InterContinental Hotels Group PLC soared 5.9% to 1,717 pence after the hotel operator reported second quarter revenue increased 3.3% to $469 million from $454 million last year. Net profit climbed to $121 million, from $87 million in the year-ago period.

Koninklijke DSM N.V. slumped 5% to €39.14 after the life sciences and materials sciences-based company said second quarter sales remained flat at €2.27 billion. Net profit plunged 90% to €41 million from €392 million reported a year ago. Earnings per share plunged to 23 cents from €2.35 in the same quarter a year earlier.

Lanxess AG plunged 4% to €58.43 after the specialty chemicals company reported second quarter sales climbed 8.1% to €2.42 billion from €2.24 billion in the prior-year quarter. Net income fell 2.8% to €176 million from €181 million last year.

Meggitt plc rose 1.1% to 400.60 pence after the technology products and systems manufacturer reported first-half revenues climbed 19% to £776 million. Pre-tax profit for the period grew 13% to £127.2 million from £112.2 million a year ago.

Munich Re climbed 0.5% to €118.20 after the German reinsurer reported second quarter consolidated profit increased to €808 million from €736 million last year.

Rational AG gained 2.3% to €202.50 after the industrial food steamers and ovens manufacturer said second quarter sales advanced 17% annually to €107.5 million. Group earnings rose 23% to €23.7 million from €19.2 million in the prior year.

Standard Chartered PLC plunged 22% to 1,150.50 pence after the New York based regulator charged the British bank that it compromised U.S. financial system and laundered money for Iranian banks and central bank between 2001 and 2007 that were worth $250 billion. The regulator has asked the New York based unit to appoint an independent onsite monitor to oversee its operation in the state.

Xstrata Plc edged higher 2.3% to 903 pence after the miner said first-half revenues declined 7% to $15.55 billion from the year-ago period. Profit attributable to equity holders of the parent plunged 33% to $1.94 billion from $2.92 billion a year-ago quarter.