Market Updates
Europe Earnings: Antofagasta, Marks and Spencer, Petrofac
Nigel Thomas
27 Aug, 2013
New York City
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Antofagasta first-half revenue tumbled 12% and profit-before-tax plummeted 37%. Petrofac revenue dropped 12% and net profit declined 25% to $243 million but backlog climbed 21% to $14.3 billion.
[R]4:00 PM Frankfurt – Antofagasta first-half revenue tumbled 12% and profit-before-tax plummeted 37%. Petrofac revenue dropped 12% and net profit declined 25% to $243 million but backlog climbed 21% to $14.3 billion.[/R]
In London trading, FTSE 100 index slipped 0.6% or 40.29 to 6,452 and in Frankfurt the DAX index declined 2% or 168.04 to 8,267.
In Paris, CAC 40 index plummeted 2.2% or 87.99 to 3,979.
Antofagasta Plc slumped 2.5% to 892 pence after the Chile based copper miner said revenue in the first-half ending in June tumbled 12.1% to $2.78 billion from $3.16 billion a year ago period. EBITDA declined 31.2% to $1.28 billion.
Profit-before-tax for the period plummeted 37.3% to $981 million compared to $1.56 billion and earnings per share declined to 40.1 cents from 65.5 cents a year ago.
Marks and Spencer Group plc climbed 2.3% to 482.50 after the Citigroup Inc raised its view on the retailer’s stock.
Petrofac Limited surged 7.1% to 1,355 pence after the UK based oil and gas services provider reported revenue in the first-half ending in June dropped 12.5% to $2.79 billion from $3.19 billion a year ago.
Net profit for the period declined 25.5% to $243 million compared to $326 million and diluted earnings per share dropped 70.72 cents from 94.82 cents a year earlier.
The oil company added EBITDA dropped $405 million compared to $455 million a year ago.
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