Europe Earnings: Carrefour, Co-op Bank, Heritage, Serco, Vodafone

Nigel Thomas
29 Aug, 2013
New York City

Carrefour first-half net surged to

[R]4:00 PM Frankfurt – Carrefour first-half net surged to €955 million. Co-op Bank wrote down approx £650 million. Verizon is reported to be in talks with Vodafone to acquire remaining stake in a wireless venture. Vienna Insurance pretax profit plunged 32%.[/R]

In London trading, FTSE 100 index gained 0.6% or 39.77 to 6,470 and in Frankfurt the DAX index inched up 0.01% or 0.69 to 8,159.

In Paris, CAC 40 index rose 0.1% or 6.10 to 3,967.

Carrefour SA climbed 3.7% to €23.62 after the France based convenience store operator reported total revenue in the first-half ending in June slid 0.5% to €37.36 billion from €37.56 billion a year ago. Net income for the period surged €955 million compared to €13 million a year earlier.

The Co-operative Bank Plc slipped 1.2% to 47.18 pence after the UK based financial service provider group said revenue in the first-half ending in June slid 1% to £5.77 billion from £5.83 billion a year ago. Loss-after-tax for the period widened to £781.5 million compared to £45.3 million a year earlier.

For the period, the company wrote-down its computer systems by £148.4 million and the bank posted a £496 million write-down linked to loans from Britannia Building Society.

The lender asked bond holders to swap some debt for equity to plug the £1.5 billion in deficit.

Heritage Oil Plc gained 1.6% to 178.50 pence after the oil and gas explorer said revenues in the first- half surged $237.8 million from $4.1 million a year ago period.

Net loss in the first-half widened to $418.4 million compared to $52.2 million and diluted loss per share widened to $1.62 from 20 cents a year earlier.

The company has successfully completed the refinancing bridge loan facility with a five year $500 million.

Serco Group Plc plunged 11.4% to 537.50 pence after the UK based outsourcing service provider reported revenue in the first-half ending in June climbed 10.4% to £2.11 billion from £1.91 billion a year earlier.

Profit for the period dropped 11.5% £84.2 million compared to £95.2 million and diluted earnings per share slipped 16.72 pence from 18.92 pence a year ago period.

Operating profit for the period declined 6.7% to £125.1 million compared to £133.5 million a year ago.

Adjusted pre-tax profit in the first-half ending in June climbed 11% to £127.1 million compared to £114.5 million

The company and G4S are facing accusation of overcharging the government for monitoring prisoners.

Vodafone Group Plc surged 8.3% to 204.95 pence after the wireless operator is in talks with U.S. based Verizon Communications Inc to sell its 45% stake in the joint venture that is estimated at $130 billion.

Vienna Insurance Group AG declined 4% to €39.26 after the Austria based insurance company reported consolidated premiums revenue in the first-half ending in June exceeded €5 billion. Profit-before-tax plunged 31.9% to €205.7 million.

Operating profit jumped 9.5% to €330.7 million.