Europe Movers: Basilea Pharma, SBM Offshore, Zurich Insurance

Arthi Gupta
16 Aug, 2012
New York City

Zurich Insurance earnings fell 19% and Telekom Austria revenues declined 4.2% in the second quarter. Basilea Pharmaceutica net loss widened and SBM Offshore swung to profit in the first-half.

[R]1:45 PM Frankfurt – Zurich Insurance earnings fell 19% and Telekom Austria revenues declined 4.2% in the second quarter. Basilea Pharmaceutica net loss widened and SBM Offshore swung to profit in the first-half.[/R]

Basilea Pharmaceutica AG rose 1.1% to Sfr50.70 after the biopharmaceutical company reported first-half sales grew to Sfr17.7 million from Sfr15 million in the prior-year period. Net loss widened to Sfr34.6 million or Sfr3.61 per share compared to a net loss of Sfr20.2 million or Sfr2.10 per share last year.

Mayr-Melnhof Karton AG fell 1.8% to €72.62 after the carton board manufacturer reported first-half consolidated sales decreased 1.3% to €975.0 million from the prior year. Profit for the period declined 20% to €51.2 million compared to €64.0 million last year.

SBM Offshore N.V. gained 0.1% to €10.89 after the offshore energy systems provider reported first-half revenues grew 14% to $1.67 billion. Net profit generated in the period was $156.85 million or 91 cents per diluted share compared to a net loss of $265.33 million or $1.57 per share in the previous year.

Telekom Austria AG plunged 4.9% to €7 after the telecommunications provider reported second quarter operating revenues fell 4.2% to €1.06 billion from the prior-year quarter. Profit attributable to owners gained to €34 million or 8 cents per share from €19.9 million or 5 cents per share a year ago.

Zurich Insurance Group AG dipped 0.04% to Sfr226.10 after the insurer reported second quarter net income attributable to shareholders fell 19% to $1.08 billion from $1.33 billion last year. Total group business volumes rose 4% to $17.87 billion.