HSBC, Immofinanz Net Drop, Co-operative Group Sells Unit to Wellcome

Nigel Thomas
04 Aug, 2014
New York City

Co-operative Group agreed to sell its farms business to Wellcome Trust for

[R]4:00 PM Frankfurt – Co-operative Group agreed to sell its farms business to Wellcome Trust for £249 million. HSBC profit declined 11% to £1.5 billion. Immofinanz net surged 63% to €180 million. Keller Group net swung to a loss £5.1 million while revenue soared 22% to £788 million.[/R]

In London trading, FTSE 100 index rose 0.2% or 14.33 to 6,693.51 and in Frankfurt the DAX index fell 0.2% or 21.25 to 9,188.83.

In Paris, CAC 40 index increased 0.6% or 25.27 to 4,228.05.

The Co-operative Group Plc, the U.K.-based retail and consumer services provider agreed to sell its farms business to charitable group the Wellcome Trust for £249 million to reduce the debt and invest in its core businesses.

HSBC Holdings Plc gained 1.5% to 639 pence after the U.K.-based financial service provider reported revenue in the second-quarter ending in June dropped 6.7% to £4.69 billion compared to £5.03 billion a year ago period.

Profit in the period declined 10.7% from a year earlier quarter to £1.50 billion compared to £1.68 billion and diluted earnings per share rose to 11.7 pence from 10.1 pence.

Immofinanz AG declined 2.9% to €2.24 after the Austria-based real estate developer reported rental income in the year ending in April plunged 7.2% to €506.7 million from €546.2 million a year ago period.

Net profit in the year surged 62.8% from a year ago to €180.4 million compared to €110.8 million and diluted earnings per share climbed 71% to €0.18 from €0.11.

Keller Group Plc climbed 3.8% to 909 pence after the U.K.-based engineering and construction company said revenue in the first-half ending in June soared 22% to £788.2 million from £644.6 million a year ago period.

Net swung to a loss to £5.1 million compared to £9.1 million profit in the year ago period and diluted loss per share were 8.2 pence from earnings of 13.4 pence.

Morgan Sindall Group Plc slid 0.06% to 788.80 pence after the U.K.-based construction company stated revenue in the revenue in the first-half ending in June fell 2% to £998 million from £1.01 billion a year ago period.

Profit in the period soared from a year earlier to £11.3 million compared to £2.3 million and diluted earnings per share jumped to 26 pence from 5.4 pence.