Europe Earnings: BP Net Tumbles 33%, UBS Swings to Profit

Nigel Thomas
29 Oct, 2013
New York City

BP profit tumbled 33% but revenue jumped 5%. John Wood won a two-year contract from Royal Dutch Shell. Lloyds Banking net loss widened to

[R]4:25 PM Frankfurt – BP profit tumbled 33% but revenue jumped 5%. John Wood won a two-year contract from Royal Dutch Shell. Lloyds Banking net loss widened to £1.3 billion. Regus revenue in the quarter climbed 26% to £387 million. UBS net swung to profit 577 million francs.[/R]

In London trading, FTSE 100 index jumped 0.6% or 38.71 to 6,765 and in Frankfurt the DAX index rose 0.2% or 18.79 to 8,997.

In Paris, CAC 40 index gained 0.5% or 19.68 to 4,271.

BP Plc soared 4.5% to 472.50 pence after the U.K.-based oil and gas explorer reported revenue in the third-quarter ending in September jumped 5% to $96.6 billion from $92 billion a year ago.

Profit for the quarter tumbled 32.9% to $3.59 billion compared to $5.35 billion and diluted earnings per share declined $18.47 from $27.59 a year earlier.

John Wood Group Plc rose 0.4% to 820 pence after the U.K.-based energy services provider won two-year contract extension from Royal Dutch Shell Plc to deliver services to its two gas plants in Scotland.

Lloyds Banking Group Plc slipped 1.4% to 78.50 pence after the financial service provider said net interest income in the third-quarter ending in September climbed 7% to £2.76 billion from £2.57 billion a year earlier.

Net loss for the quarter widened to £1.3 billion compared to £374 million and earnings loss per share increased to 1.8 pence from 0.6 pence a year ago period.

Regus Plc fell 1.3% to 202.12 pence after the Luxembourg-based outsourcing service provider stated group revenue 78.50 pence after the financial service provider said net interest income in climbed 25.5% to £386.6 million from £307.3 million a year ago.

UBS AG plunged 6.6% to €17.92 francs after the Switzerland-based investment and banking services provider reported revenue in the third-quarter ending in September dropped 19% to 3.15 billion francs from 3.89 billion francs a year ago.

Net in the quarter swung to a profit of 577 million francs compare to a net loss of 2.13 billion francs and diluted earnings per share swung to 0.15 francs from a loss of 0.57 francs a year earlier.