Europe Earnings: Burckhardt, Close Brothers, Rosneft, Telefonica, Suedzucker

Nigel Thomas
24 Sep, 2013
New York City

Burckhardt expects sales for the year to surge 20% but profit margin is expected to fall below estimates. Close Brothers net soared 20% to

[R]4:00 PM Frankfurt – Burckhardt expects sales for the year to surge 20% but profit margin is expected to fall below estimates. Close Brothers net soared 20% to £119.4 million. Rosneft agreed to acquire 19.6% stake in SeverEnergia. Telefonica agreed to increase its stake for €324 million in Telco SpA.[/R]

In London trading, FTSE 100 index rose 0.2% or 10.67 to 6,568 and in Frankfurt the DAX index gained 0.3% or 25.50 to 8,661.

In Paris, CAC 40 index jumped 0.6% or 24.58 to 4,197.

Burckhardt Compression AG plunged 6.9% to 360 francs after the Switzerland-based compressors maker expects sales for the year to surge about 20% and order intake is likely to increase from a year ago.

Profit margin for the fiscal 2013 likely to be less-than-expected and fall in the range of 15% to 20%. Net income for the fiscal year 2013 is expected to match prior year level and for the first-half will be significantly lower than in the prior year period.

Close Brothers Group Plc climbed 3.5% to 1,173 pence after the financial service provider said interest income for the year ending in July jumped 9.2% to £450.2 million from £412.2 million a year ago.

Net income for the year soared 20% to £119.4 million compared to £99.7 million and diluted earnings per share jumped 80.2 pence from 67.5 pence a year earlier

The bank added adjusted operating profit for the year soared 24% to £166.5 million from £134.2 million and adjusted basic earnings per share climbed 23% to 83.1 pence.

Adjusted operating profit in securities segment slightly rose to £25.7 million.

NK Rosneft OAO slid 1.1% to 259.50 rubles after the Russia-based oil and gas explorer agreed to acquire 19.6% stake in SeverEnergia from Italy-based Enel SpA.

In Milan, shares of Enel climbed 2% to €2.88.

Telecom Italia SpA jumped 2.5% to €0.605 after the Italy-based said Spain based Telefonica SA agreed to increase its stake for €324 million in Telco SpA.

Suedzucker Mannheim Ochsenfurt AG declined 3.1% to €21.13 after the Germany-based sugar producer expects revenue in the first-half ending in August grew 3% to €4.05 billion from €3.92 billion a year earlier.

Operating profit for the period plunged 24% to €425 million compared to €562 million.

For fiscal 2012, the group generated revenues of about €7.9 billion.