Persimmon Profit Surges; Aer Lingus, Telefonica Net Swings to Loss

Nigel Thomas
24 Feb, 2015
New York City

Markets in Europe traded higher after a group of euro zone ministers accepted list of reforms to win the third financial bailout. Aer Lingus net swung to a loss. GKN net tumbled 57%. Manz AG revenues soared 15%. Meggitt profit plummeted 24% to

[R]4:00 PM Frankfurt – Markets in Europe traded higher after a group of euro zone ministers accepted list of reforms to win the third financial bailout. Aer Lingus net swung to a loss. GKN net tumbled 57%. Manz AG revenues soared 15%. Meggitt profit plummeted 24% to £177 million. Persimmon net surged 45%. Telefonica Deutschland net swung to a loss.[/R]

European markets traded higher after the euro zone finance ministers accepted the list of reforms presented by Greece to win third bailout after a contentious two month talks and public campaign.

In London trading, FTSE 100 index rose 0.1% or 9.01 to 6,921.17 and in Frankfurt the DAX index edged up 0.01% or 1.62 to 11,132.54.

In Paris, CAC 40 index slid 0.04% or 1.92 to 4,860.38.

Aer Lingus Group Plc last month the airline company acquired by the parent of British Air, International Consolidated Airlines Group S.A, reported revenues in the year ending in December climbed 9.2% to €1.56 billion from €1.43 billion a year ago period.

Net in the year swung to a loss from a year ago to €95.8 million compared to profit of €34.1 million and diluted loss per share swung to 18 cents from earnings per share of 6.4 cents.

The company added passenger revenue in the year climbed 8.6% to €1.47 billion.

Aer Lingus gross cash increased by €38.1 million and gross debt decreased by €87.4 million.

GKN Plc dropped 2.5% to 376.40 pence after the U.K.-based aircraft engine contractor stated sales in the year ending in December slipped 2.2% to £6.98 billion from £7.14 billion a year ago period.

Net profit in the year tumbled 57.2% from a year ago to £174 million compared to £407 million and diluted earnings per share declined to 10.2 pence from 23.8 pence.

At the end of the year, net debt decreased by £108 million to £624 million from £732 million a year ago period.

The company said total dividend for the year increased 6% to 8.4 pence per share

Manz AG climbed 4.9% to €74.43 after the Germany-based flat panel display product maker said in a preliminary result that revenue in the year increased 15% to €306 million from €266.2 million.

Earnings before interest, taxes, depreciation and amortization decreased to €24.9 million compared to €27 million a year ago period.

The company forecasted revenue for the fiscal 2015 between €320 million and €340 million.

Meggitt Plc plunged 5.2% to 541.50 after the U.K.-based aircraft maker said group revenues in the year ending in December dropped 5% to £1.55 billion from £1.64 billion a year ago period.

Net profit in the year plummeted 23.8% from a year ago to £177 million compared to £232.3 million and diluted earnings per share jumped to 21.7 pence from 28.9 pence.

Persimmon Plc declined 3.5% to 1,650 pence after the U.K.-based homebuilder reported revenues in the year ending in December soared 23% to £2.57 billion from £2.08 billion a year ago period.

Net profit in the year climbed 44.6% from a year ago to £372 million compared to £257.2 million and diluted earnings per share jumped to 121.7 pence from 84.2 pence.

Telefonica Deutschland Holding AG jumped 3.3% to €4.92 after the Germany-based communication service provider stated revenues in the year ending in December soared 62.4% to €2.02 billion from €1.24 billion a year ago period.

Net in the year swung to a loss from a year ago to €642 million compared to profit of €79 million and diluted loss per share swung to €0.38 from earnings per share of €0.07.

The company said mobile service revenues in the quarter were flat at €1.39 billion from a year ago period.