Julius Baer Profit Surges, Philips Net Plunges on Sales

Nigel Thomas
21 Jul, 2014
New York City

Allocate Software net swung to profit

[R]4:00 PM Frankfurt – Allocate Software net swung to profit £3.44 million. BskyB acquired 70% stake in Love Productions. Julius Baer net surged 56% to 178.3 million francs. Philips net plunged 23% to €243 million on 10% decline in healthcare segment sales.[/R]

In London trading, FTSE 100 index slipped 0.4% or 27.91 to 6,721.54 and in Frankfurt the DAX index declined 1% or 100.20 to 9,619.82.

In Paris, CAC 40 index slumped 0.7% or 30.97 to 4,304.34.

Allocate Software Plc decreased 1.7% to 115 pence after the U.K.-based software developer said revenue in the year ending in May jumped 8% to £40.02 million from £37.07 million a year ago.

Net in the year swung to £3.44 million compared to a loss of £1.43 million and diluted earnings per share swung to 5.09 pence from a loss of 2.26 pence a year earlier.

British Sky Broadcasting Group Plc fell 1.5% to 904 pence on the reports that television channel acquired 70% stake in a the U.K. based Love Productions.

Julius Baer Gruppe AG soared 7.1% to 39.20 francs after the Switzerland-based banking group reported revenue in the first-half ending in June climbed 14.8% to 1.23 billion francs from 1.07 billion francs a year ago.

Net profit in the period surged 56.5% from a year earlier to 178.3 million francs compared to 114 million francs and diluted earnings per share jumped to 0.82 francs from 0.53 francs.

The company said assets under management climbed 8% or 20 billion francs to 274 billion francs and total client assets increased 7% to 372 billion francs.

Koninklijke Philips NV slipped 1.4% to €22.94 after the Netherlands-based healthcare, consumer lifestyle and electronics products maker reported sales in the first-half ending in June dropped 6% to €5.29 billion from €5.63 billion a year ago period.

Net income in the period plunged 23.3% a year earlier to €243 million compared to €317 million and diluted earnings per share slipped to €0.26 from €0.35.

The company added sales from the healthcare segment in the period declined 10% to €2.14 billion and sales from consumer lifestyle business fell 1% to €1.07 billion. Revenues from lighting business declined 5% to €1.94 billion from a year ago.

Sky Deutschland AG climbed 3.7% to €6.65 on speculation that 21st Century Fox Inc may sell its 57% stake in the company to British Sky Broadcasting Group Plc.