Europe Earnings: Afren, Bachem, Flsmidth

Nigel Thomas
23 Aug, 2013
New York City

Afren profit tumbled 21.1% but revenue grew. Bachem net surged 43% to 10.4 million francs as sales climbed 7%. Flsmidth said profit for the quarter plunged 36% as order intake declined 22% but revenue jumped 14% and the company lowered its fiscal outlook.

[R]4:00 PM Frankfurt – Afren profit tumbled 21.1% but revenue grew. Bachem net surged 43% to 10.4 million francs as sales climbed 7%. Flsmidth said profit for the quarter plunged 36% as order intake declined 22% but revenue jumped 14% and the company lowered its fiscal outlook.[/R]

In London trading, FTSE 100 index gained 0.6% or 36.94 to 6,484 and in Frankfurt the DAX index rose 0.2% or 13.34 to 8,411.

In Paris, CAC 40 index slid 0.03% or 1.04 to 4,058.

Afren Plc dropped 2.7% to 142 pence after the UK based oil and gas explorer said revenue in the first-half ending in June grew 2% to $796.8 million from $778.4 million a year earlier.

Profit for the period tumbled 21.1% to $78.9 million compared to $100 million and diluted earnings per share dropped 6.9 cents from 9 cents a year ago.

The company added gross profit for the period slipped 8% to $377 million from $411 million and operating profit for the period declined $319.2 million compared to $368 million a year ago period.

Bachem Holding AG jumped 4.8% to 47.60 francs after the Switzerland based ingredients maker for pharmaceutical company reported sales in the first-half ending in June climbed 7.3% to 81.8 million francs from 76.2 million francs a year ago.

Net income in the first-half surged 43% to 10.4 million francs compared to 7.3 million francs and earnings per share jumped 42.6% to 0.77 million francs from 0.54 million francs a year earlier.

Flsmidth & Co A/S climbed 6.7% to 311.50 kroner after the Denmark based cement machinery maker reported revenue in the second quarter ending in June soared 14% to 6.46 billion kroner from 5.65 billion kroner a year ago.

Net profit for the quarter plunged 36% to 143 million kroner compared to 223 million kroner.

The company said order intake during the quarter declined 22% to 10.65 billion kroner from 13.67 billion kroner and order backlog dropped 8% 26.98 billion kroner from 29.45 billion kroner a year earlier.

EBITA plummeted 45% to 541 million kroner compared to 984 million kroner.

FLSmidth expects consolidated revenue for the year to drop between 26 billion kroner and 28 billion kroner from earlier forecast in the range of 27 billion kroner to 30 billion kroner.