Europe Earnings: Antofagasta, Asos, Cairn Energy, J Sainsbury, Kuoni

Nigel Thomas
18 Mar, 2014
New York City

Antofagasta net tumbled 36% on revenues drop of 11%. Asos, the U.K. based online retailer said revenue in two-month to February surged less than expected 26%. Cairn Energy said net in the year swung to a loss. J Sainsbury said sales dropped. Kuoni net swung to a profit.

[R]4:00 PM Frankfurt – Antofagasta net tumbled 36% on revenues drop of 11%. Asos, the U.K. based online retailer said revenue in two-month to February surged less than expected 26%. Cairn Energy said net in the year swung to a loss. J Sainsbury said sales dropped. Kuoni net swung to a profit.[/R]

In London trading, FTSE 100 index increased 0.8% or 51.99 to 6,620.34 and in Frankfurt the DAX index jumped 1.2% or 111.45 to 9,292.34.

In Paris, CAC 40 index climbed 1.3% or 57.38 to 4,329.34.

Antofagasta Plc slipped 1.3% to 836.50 pence after the Chile-based copper mining company said group revenue in the year ending in December declined 11.4% to $5.97 billion from $6.74 billion a year ago.

Net earnings in the year tumbled 36.4% to $659.6 million compared to $1.04 billion and basic earnings per share in the year dropped to 66.9 cents from 105.2 cents a year earlier.

Asos Plc plunged 9.8% to 5,706 pence after the U.K.-based online fashion and beauty retailer reported group revenue in the two-month ending in February surged 26% to £139.2 million from £110.5 million a year ago.

Retail sales in the period climbed 26% and sales in the U.K. jumped 21% while international sales soared 29%.

The retailer expects to generate current year sales of £1 billion.

Cairn Energy Plc plummeted 12.3% to 172.40 pence after the U.K. based oil and gas explorer stated net in the year swung to a loss $555.9 million compared to a profit of $72.6 million and diluted earnings for the year swung to a loss of 93.24 cents from earnings of 11.12 cents a year earlier.

The company said it suspended its share repurchase program until tax dispute in India is resolved.

J Sainsbury plc gained 1.2% to 315.26 pence after the U.K. based grocery retailer said total sales in the fourth-quarter ending in December decreased 1.5% while total sales in the year jumped 2.7% from a year ago.

Comparable sales in the quarter dropped 3.8%.

Kuoni Reisen Holding AG surged 7.4% to 406 francs after the Switzerland-based travel-related service provider reported revenue in the year ending in December fell 3% to 5.67 billion francs from 5.84 billion francs a year earlier.

Net in the year swung to a profit 68.1 million francs compared to a loss of 16.02 million francs and diluted earnings per share swung to 3.55 francs profit from a loss of 0.84 francs a year ago.