Europe Earnings: HSBC, Sanofi, Veolia

Nigel Thomas
05 Aug, 2013
New York City

HSBC Holdings revenue dropped 7% but profit climbed 10% to

[R]3:20 PM Frankfurt – HSBC Holdings revenue dropped 7% but profit climbed 10% to £7.35 billion. Sanofi net sales declined 7.5% and profit for the first-half plunged 51% to €1.45 billion. Veolia net profit in the first-half plunged.[/R]

In London trading, FTSE 100 index fell 0.9% or 57.26 to 6,591 and in Frankfurt the DAX index slid 0.4% or 35.90 to 8,371.

In Paris, CAC 40 index inched up 0.04% or 1.71 to 4,047.

HSBC Holdings Plc declined 4.8% to 717.20 pence after the UK based bank reported revenue in the first-half ending in June dropped 7% to £22.4 billion. Profit for the period climbed 10% to £7.35 billion and diluted earnings per share were £0.35 from a year ago.

Profit for the first-half of UK retail banking arm surged 58% to £524 million and profits in business doubled to £582 million and lender provided £7.1 billion of new mortgages to 68,000 homebuyers. Provisions for bad debts declined 29% to £2 billion.

Sanofi SA rose 0.2% to €76.50 after the France based healthcare company said net sales in the first-half declined 7.5% to €16.1 billion from €17.4 billion. Net income for the period plunged 51% to €1.45 billion compared to €2.96 billion and diluted earnings per share declined €1.08 from €2.23 a year earlier.

Veolia Environnement VE SA, climbed 3.2% to €14.04 after the France based environmental management service said revenue in the first-half fell 3.7% to €11.07 billion compared to €11.45 billion. Net profit in the first-half plummeted 53.6% to €88.3 million compared to €190.5 million.

Adjusted operating income climbed 28% to €539 million.

As of June 30, net financial debt dropped to €10 billion.