Bouygues Net Swings to Profit; Petrofac, TSB, Weir Net Decline

Nigel Thomas
25 Feb, 2015
New York City

Maersk net surged 45% to $5 billion and the logistics company plans to divest 20% stake in Danske Bank. Bouygues swung to profit to

[R]4:00 PM Frankfurt – Maersk net surged 45% to $5 billion and the logistics company plans to divest 20% stake in Danske Bank. Bouygues swung to profit to €807 million. British Land signed a new £485 million revolving credit facility. Petrofac net declined 11% to $581 million. TSB net plunged 27%. Weir profit tumbled 78%.[/R]

In London trading, FTSE 100 index slipped 0.5% or 34.23 to 6,915.40 and in Frankfurt the DAX index slid 0.09% or 9.58 to 11,196.16.

In Paris, CAC 40 index fell 0.3% or 14.50 to 4,871.94.

AP Moeller - Maersk A/S soared 8.3% to 14,600 kronor after the Denmark-based shipping and oil company reported revenues in the year ending in December edged up 0.4% to $47.57 billion from $47.39 billion a year ago period.

Net profit in the year surged 45.5% from a year ago to $5.02 billion compared to $3.45 billion and diluted earnings per share jumped to $230 from $158.

The company forecasted underlying profit for the year to be slightly below $4 billion from $4.1 billion in fiscal 2014.

Separately, the company plans to divest 20% stake in Danske Bank and pay out the proceeds of about $5.5 billion in dividend.

Bouygues SA rose 0.4% to €35.60 after the France-based conglomerate said sales in the year ending in December were nearly flat at €33.14 billion from €33.12 billion a year ago period.

Net in the year swung to a profit from a year ago to €807 million compared to a loss of €757 million and diluted earnings per share swung to €2.39 from diluted loss per share of €2.26.

The company added sales in France dropped 4% to €21.3 billion and sales from the telecom segment declined 5% to €4.43 billion while sales from construction business jumped 2% to €26.5 billion.

The company maintained its dividend of €1.60 per share, unchanged from 2013.

British Land Company Plc slid 0.2% to 820 50 pence after the U.K.-based real estate developer signed a new £485 million unsecured revolving credit facility at an initial margin of 90 bps with a syndicate of 7 banks.

The revolving facility will mature in five years and can be extend to a maximum of seven years.

Petrofac Limited surged 10.3% to 898.50 pence after the U.K.-based oil and gas producer reported revenues in the year ending in December fell 1.6% to $6.2 billion from $6.3 billion a year ago period.

Net profit in the year declined 10.6% from a year ago to $581 million compared to $650 million and diluted earnings per share dropped to 168.99 cents from 189.10 cents.

Separately today, the company entered in to agreement with the U.S.-based McDermott International, Inc to form a strategic marketing alliance for five year.

TSB Banking Group Plc gained 0.9% to 263.50 pence after the U.K.-based financial service provider stated revenues in the year ending in December soared 66.1% to £787.1 million from £473.8 million a year ago period.

Net profit in the year plunged 27.3% from a year ago to £134.5 million compared to £185 million and diluted earnings per share declined to 40.6 pence from 336.4 pence.

The bank said it launched the mortgage intermediary channel in January and received £300 million or $465 million of applications so far.

Whitbread Plc jumped 2.7% to 5,243.75 after the hotel and restaurant operator reported group revenues in the fourth-quarter climbed 14.3% and for the year jumped 6.5%.

The hotelier said revenues from Premier Inn and Costa surged 16.5% and 19.8% respectively and revenues from hotels and restaurants business advanced to 10.6%.

The Weir Group Plc plunged 9.8% to 1,681.72 pence after the U.K.-based engineering company said revenues in the year ending in December were flat at £2.44 billion from a year ago period.

Net profit in the year tumbled 77.7% from a year ago to £74.7 million compared to £335.7 million and diluted earnings per share dropped to 33.7 pence from 156.6 pence.