Europe Earnings: ABN Amro, ASDA, Flsmidth, Intertek, SSE, Wm Morrison

Nigel Thomas
17 May, 2013
New York City

Abn Amro first quarter profit declined 17% and ASDA online sales climbed 16%. Flsmidth profit for the quarter plunged 86%. Intertek operating profit margin for the quarter narrowed. SSE agreed to acquire Dunmaglass wind farm for

[R]3:00 PM Frankfurt – Abn Amro first quarter profit declined 17% and ASDA online sales climbed 16%. Flsmidth profit for the quarter plunged 86%. Intertek operating profit margin for the quarter narrowed. SSE agreed to acquire Dunmaglass wind farm for £200 million.[/R]

In London trading, FTSE 100 index gained 0.5% or 35.6 to 6,723 and in Frankfurt the DAX index rose 0.4% or 32.4 to 8,402.

In Paris, CAC 40 index increased 0.9% or 37.8 to 4,017.

Abn Amro Group N.V., the Netherlands based bank reported net interest income in the first quarter ending in March jumped 5% to €1.31 billion from €1.24 billion a year ago. Profit for the quarter declined 17% to €415 million compared to €503 million

Impairment charges on loans and other receivables in the quarter slipped by €225 million and operating income dropped by 11% to €1.71 billion. Assets under Management of private banking in the quarter grew by €2 billion to €165.1 billion.

ASDA Group Limited, the UK based low-price supermarkets operator that owned by retail Wal-Mart of US, reported like-for-like sales in April rose 1.3% in 2012. Sales recovered after the horse meat scandal and sales increase in the first quarter ending on April 12. Online sales in the first quarter climbed 16%.

AP Moeller - Maersk A/S jumped 2% to DKK39,960 after the Denmark based shipping and logistics company said revenue in the first quarter ending in March fell 2% to $14.05 billion from $14.33 billion. Profit for the quarter declined 33% to $790 million compared to $1.18 billion.

Flsmidth & Co A/S plunged 10.6% to DKK299 after the Denmark based cement and minerals maker reported revenue in the first quarter ending in March climbed 17% to DKK5.65 billion compared to DKK4.83 billion. Profit for the quarter plunged 86% to DKK34 million from DKK241 million.

The company said order intake declined 22% to DKK5.03 and order backlog slid 3% to DKK28.58 billion.

The cement maker reaffirms full year consolidated revenue between of DKK27 billion and DKK30 billion.

Intertek Group Plc dropped 3.2% to 3,342 pence after the UK based quality and safety solution provider stated operating profit margin for the first quarter narrowed from a year ago period and net income of minerals segment declined. Sales per year since 2007 increased 22% on average and organic revenue for the quarter jumped to 7%.

SSE Plc rose 0.3% to 1,598 pence after the UK based electricity supplier agreed to acquire Dunmaglass wind farm project from Renewable Energy Systems Group. The total investment in the project is expected to be around £200 million.

SSE expects to begin full construction of wind farm in late 2013 and complete in early 2016.

Wm Morrison Supermarkets gained 1.3% to 286.36 pence after the UK based food retailer agreed to acquire Ocado Group plc, to enable Morrison to commence grocery deliveries to customers by January 2014.

Morrison agreed to pay £170 million to Ocado to acquire Dordon and associated mechanical handling equipment as well as license and integration fee.

After the agreement, shares of Ocado surged 29.5% to 261.50 pence at London stock exchange.