Europe Movers: BMW, Brenntag, Corio, Fraport, ING

Arthi Gupta
08 Aug, 2012
New York City

ING net fell 22% as provisions for loan losses increased but Brenntag sales rose 14.6% in the second quarter. Rio Tinto first-half profit declined 22%. BMW worldwide vehicle sales increased 5% in July.

[R]2:45 PM Frankfurt – ING net fell 22% as provisions for loan losses increased but Brenntag sales rose 14.6% in the second quarter. Rio Tinto first-half profit declined 22%. BMW worldwide vehicle sales increased 5% in July.[/R]

Axel Springer AG dropped 2.3% to €36.29 after the German print and digital media firm reported second quarter revenues grew 5.4% to €831.4 million. Net income attributable to shareholders increased to €80.2 million from €79 million in the previous year. On a per share basis, earnings rose to 81 cents from 80 cents a year earlier.

Bayerische Motoren Werke AG dipped 0.3% to €60.35 after the German luxury automaker reported worldwide sales increased 5% to 135,537 vehicles in July.

Brenntag AG decreased 2.5% to €90.19 after the chemical distributor reported second quarter sales increased 14.6% to €2.49 billion from the prior year. Profit attributable to shareholders climbed 23.1% to €81 million from €65.8 million last year.

Corio NV slumped 4.3% to €34.99 after the property investment company reported first-half net result attributable to shareholders plunged to €12.3 million or 13 cents per share compared to €128.8 million or €1.41 per share last year.

Fraport AG fell 2.7% to €45.43 after the airport operator reported first-half revenue increased 2.5% to €1.154 billion. Earnings before interest, taxes, depreciation and amortization rose 2% to €365.7 million.

Heidelberger Druckmaschinen Aktiengesellschaft edged lower 0.8% to €1.04 after the printing machines maker reported first quarter sales fell 4.4% to €520 million. Net loss in the quarter widened to €74 million compared with a loss of €46 million in the previous year.

ING Groep N.V. fell 1.9% to €5.64 after the Dutch financial institution reported second quarter net income dropped 22.3% to €1.171 billion from €1.507 billion in the prior year.

The bank''s core tier-1 ratio strengthened to 11.1% in the quarter.

Old Mutual plc declined 1.1% to 168 pence after the insurer said first-half total revenues rose to £8.44 billion from £6.51 billion last year. Profit for the first half climbed 26% to £931 million or 17.7 pence per share from £738 million or 13.5 pence per share in the same period a year earlier.

Rio Tinto plc rose 0.9% to 3,160 pence after the miner reported first-half consolidated sales revenue fell to $25.34 billion from $29.06 billion in the previous year. Net earnings declined 22% to $5.89 billion from $7.59 billion.

Swisscom AG dropped 1.3% to Sfr389 after the telecommunication services provider said first-half net revenue fell Sfr101 million or 1.8% to Sfr5,621 million and a decline in operating income before depreciation and amortization of Sfr34 million or 1.5% to Sfr2,236 million.