Europe Earnings: Deutsche Bank, Fiat Net Soar; Shell Sells Brazil Assets

Nigel Thomas
29 Jan, 2014
New York City

Deutsche Bank quarterly loss narrowed yearly profit surged. Fiat net soared

[R]3:40 PM Frankfurt – Deutsche Bank quarterly loss narrowed yearly profit surged. Fiat net soared €1.3 billion after revenue jumped 10%. Mulberry retail sales declined 7%.[/R]

In London trading, FTSE 100 index dropped 1.1% or 74.54 to 6,498.03 and in Frankfurt the DAX index declined 1.7% or 173.43 to 9,233.48.

In Paris, CAC 40 index plummeted 1.7% or 70.92 to 4,114.37.

Antofagasta Plc soared 6.3% to 874 pence after the U.K.-based copper mining company said copper production in the year increased 1.6% to 721,200 tons from 709,600 tons a year ago but production of gold and molybdenum dropped.

Deutsche Bank AG slid 0.2% to €7.12 after the Germany-based investment bank reported group net revenue in the year ending in December declined 5% to €31.9 billion from €333.7 billion a year ago.

Net income in the year surged €1.08 billion compared to €315 million a year ago period.

For the fourth-quarter, group revenue tumbled 16% to €6.58 billion from €7.87 billion and net loss narrowed to €958 million compared to €2.53 billion a year earlier.

The bank added core bank net revenues dropped 5% to €31 billion.

Fiat SpA declined 5.6% to €7.12 after the Italy-based automobiles company reported revenue in the fourth-quarter ending in December jumped 10.2% to €24 billion from €21.78 billion a year ago period.

Net profit in the quarter soared €1.3 billion compared to €224 million and earning per shares jumped to €0.707 from €0.005 a year earlier.

For 2013, group revenues for the year rose 3% to €86.8 billion and net profit more than doubled to €1.95 billion from the prior year.

For 2014, the company expects revenues of €93 billion.

Mulberry Group Plc tumbled 26.4% to 662.50 pence after the U.K.-based luxury accessories retailer said total retail sales in the period ending in January 25 declined 7% from a year ago when sales increased 3%.

The company added significant wholesale order were cancelled from South Korea and now expect wholesale sales for the year ending in March 2014 to drop 10% compared to a year earlier.

Chief executive Bruno Guillon said “pre-tax profits for the financial year would be around £19 million.”

Royal Dutch Shell Plc fell 0.1% to 2,121.50 pence after the U.K.-based oil and gas explorer agreed to sell its stake of 23% in the Parque das Conchas project offshore Brazil for $1 billion.