ABB, Deutsche Bank Net Drop; BP, Whitbread Profit Surge

Nigel Thomas
29 Apr, 2014
New York City

ABB net declined 18% and revenue dropped 3%. BP net surged 229% to $3.6 billion. Banco Santander profit rose 8% to

[R]4:00 PM Frankfurt – ABB net declined 18% and revenue dropped 3%. BP net surged 229% to $3.6 billion. Banco Santander profit rose 8% to €1.3 billion but revenue fell 5%. Deutsche Bank profit tumbled 34% to €1.08 billion after revenue plunged 11%. Infineon Tech net surged. Whitbread profit jumped.[/R]

In London trading, FTSE 100 index gained 0.8% or 52.52 to 6,752.68 and in Frankfurt the DAX index jumped 1.3% or 122.93 to 9,569.29.

In Paris, CAC 40 index increased 0.8% or 36.78 to 4,497.31.

ABB Ltd 6.6% to 21.51 francs after the Switzerland-based power and technology group reported revenue in the first-quarter dropped 2.6% to $9.47 billion from $9.72 billion a year ago.

Net income in the quarter declined 18% to $544 million compared to $664 million and diluted earnings fell to 24 cents from 29 cents a year earlier.

BP Plc gained 1.4% to 495 pence after the U.K.-based oil and gas producer said total revenue in the first-quarter ending in March slipped 2.2% to $92.99 billion from $95.10 billion a year ago.

Net profit in the quarter surged 229% to $3.62 billion compared to $1.1 billion and diluted earnings per share jumped to $1.14 from 33 cents a year earlier.

Banco Santander SA gained 1.5% to €7.15 after the Spain-based commercial bank stated total revenue in the first-quarter ending in March declined 5.6% to €10.12 billion from €10.72 billion a year ago.

Net profit in the quarter climbed 8.1% to €1.30 billion compared to €1.20 billion a year ago period.

Deutsche Bank AG jumped 2.8% to €32.31 after the Germany-based investment bank reported net revenue in the first-quarter ending in March plunged 11% to €8.39 billion from €9.39 billion a year ago.

Net profit in the quarter tumbled 34% to €1.08 billion compared to €1.65 billion and diluted earnings per share dropped 40% to €1.03 from €1.71 a year earlier.

Infineon Technologjes AG climbed 2.3% to €8.49 after the Germany-based chipmaker said revenue in the second-quarter ending in March climbed 14.4% to €1.05 billion from €918 million a year ago period.

Net income in the quarter surged 275.7% to €124 million compared to €33 million and diluted earnings per share jumped to €0.11 from €0.03 a year earlier.

Serco Group Plc plunged 20.1% to 323.10 pence after the U.K.-based outsource service provider reviewing its assessment and may need to revise its expectations and warned possible downward revision to of its financial position.

The governments outsource services provider consulting to its shareholders over an equity placements to strengthen its balance sheet.

Whitbread Plc gained 0.8% to 4,093 pence after the U.K.-based hotels, restaurants and coffee shop operator reported total revenue in the year ending on February 27 climbed 13% to £2.29 billion from £2.03 billion a year ago. Group comparable sales in the period jumped 4.2%.

Profit for the year jumped 10.7% to £323.4 million compared to £292.1 million and diluted earnings per share increased to 181.06 pence from 164.32 pence a year earlier.

Whitbread added profit from the hotels and restaurants segments soared 11.2% to £348.1 million and profits from Costa business climbed 21.9% to £109.8 million. Costa’s system sales jumped 19.4% to £1.2 billion.

Underlying profit before tax increased 16.5% to £411.8 million compared to £353.4 million a year ago.

The company said net debt at the end of the year dropped £79.5 million to £391.6 million.