Glaxo, Heineken Profit Decline; Daimler Sells 4% Stake in Tesla

Nigel Thomas
22 Oct, 2014
New York City

British American Tobacco revenue declined 10%. Daimler sold its 4% stake in Tesla Motors for $780 million. Glaxo profit tumbled 62% to

[R]4:00 PM Frankfurt – British American Tobacco revenue declined 10%. Daimler sold its 4% stake in Tesla Motors for $780 million. Glaxo profit tumbled 62% to £385 million. Heineken net declined 5% to €460 million. Nordea Bank profit soared 21% to €938 million.[/R]

In London trading, FTSE 100 index rose 0.3% or 16.93 to 6,389.26 and in Frankfurt the DAX index increased 0.6% or 49.49 to 8,936.45.

In Paris, CAC 40 index gained 0.5% or 18.75 to 4,099.99.

British American Tobacco Plc declined 3.4% to 3,349.50 pence after the U.K.-based cigarettes maker said revenue in the first nine months ending in September declined 9.6% and cigarette volume from subsidiaries slid 1% to 495 billion.

Daimler AG gained 1.1% to €59.98 and the Germany-based automobile parts maker sold its stake of 4% in the U.S.-based electric car maker Tesla Motors Inc. for $780 million.

GlaxoSmithKline Plc climbed 3.1% to 1,382.50 pence after the U.K.-based healthcare and consumer products maker reported group revenue in the third-quarter ending in declined 13.2% to £5.65 billion from £6.51 billion a year ago period.

Profit in the year tumbled 61.9% from a year ago period to £385 million compared to £1.01 billion and diluted earnings per share dropped to 8.2 pence from 19.7 pence.

The company promise to return additional £4 billion to its shareholders through special share scheme.

Heineken N.V slipped 1.2% to €57.45 after the Netherlands-based beer making company reported group revenue in the third-quarter ending in dropped 1.7% to €5.58 billion from €5.67 billion a year ago period.

Net profit in the quarter declined 4.8% from a year ago to €460 million compared to €483 million a year ago.

Revenues from Africa and Middle East jumped 4.1% and Asia Pacific plunged 11.9% while revenues from Americas and Europe declined 4.1% and 6.4% respectively from the same period a year ago.

Nordea Bank AB fell 0.7% to 91.15 kronor after the Sweden-based bank said net interest income in the third-quarter ending in September was flat at €1.39 billion from a year ago period.

Net profit in the quarter soared 20.9% from a year ago to €938 million compared to €776 million and diluted earnings per share jumped to €0.23 from €0.19.