Credit Suisse Net Climbs 23%, Tesco Net Swings to

Nigel Thomas
22 Apr, 2015
New York City

Credit Suisse net surged 23% but revenues dropped 3%. Eurotunnel first-quarter revenues climbed 10%. Roche group sales jumped 5% to 11.8 billion Swiss francs. Richemont forecasted profit to drop 36%. Tesco net swung to a loss of

[R]4:00 PM Frankfurt – Credit Suisse net surged 23% but revenues dropped 3%. Eurotunnel first-quarter revenues climbed 10%. Roche group sales jumped 5% to 11.8 billion Swiss francs. Richemont forecasted profit to drop 36%. Tesco net swung to a loss of £5.8 billion.[/R]

In London trading, FTSE 100 index slipped 0.8% or 60.68 to 7,002.25 and in Frankfurt the DAX index dropped 0.8% or 94.09 to 11,845.49.

In Paris, CAC 40 index fell 0.1% or 5.61 to 5,187.03.

Credit Suisse Group AG slid 0.1% to 26.22 Swiss francs after the diversified financial services provider reported net revenues in the first-quarter ending in March dropped 3% to 6.65 billion francs from 6.83 billion francs in a year ago period.

Net profit in the quarter surged 23% from a year ago to 1.05 billion francs compared to 859 million francs and diluted earnings per share jumped to 0.62 francs from 0.48 francs.

Groupe Eurotunnel SE edged up a fraction to €14.15 after the France-based transport infrastructure developer said group revenues in the first-quarter ending in March climbed 10% to €304.9 million from €260.5 million in a year ago period.

The company said number of freight trains in the quarter soared 11% to 787 trains and Eurostar’s traffic in the first-quarter remained stable with 2,297,400 passengers.

Car traffic jumped 4% to 464,305 vehicles transported and truck shuttle traffic climbed 8% to 373,635 vehicles.

Hammerson Plc fell 0.4% to 676.50 pence after the real estate developer signed a new unsecured revolving credit facility of £415 million with maturity of five years and may extend to up to seven years.

New facility will refinance existing £505 million maturing in in April 2016.

The company total committed financing available of about £2.8 billion.

Roche Holding AG gained 1.4% to €107.35 after the Switzerland-based pharmaceuticals and diagnostics firm reported group sales in the first-quarter ending in March jumped 5% to 11.83 billion francs from 11.50 billion francs in a year ago period.

Group sales increase was driven by a 23% surge in breast cancer drug sales and sales climbed 27% from rheumatoid arthritis drug Actemra and professional diagnostics sales increased 6%.

Sales of Rituxan, the top selling drug for leukemia and rheumatoid arthritis jumped 5% to 1.7 billion francs.

Revenue from the company’s diagnostics division climbed 6% to 2.5 billion francs.

Compagnie Financiere Richemont SA rose 0.2% to 83.25 Swiss francs after the Switzerland-based luxury goods retailer forecasted net profit for the year ending in March to drop 36% but sales to jump 5% compared to a year ago period.

The group results are scheduled to release on May 22.

Tesco Plc declined 4.1% to 225.18 pence after the U.K.-based food retailer reported group sales in the year ending in February dropped 2% to £62.28 billion from £63.56 billion in a year ago period.

Net in the year swung to a loss to £5.77 billion compared to profit of £970 million in a year ago period and diluted loss per share swung to 70.24 pence from diluted earnings per share of 23.72 pence.

The retailer reported pre-tax loss of £6.38 billion compared to profit of £2.26 billion a year ago period.

Tesco recorded one-time charge in the year for about £7 billion including fixed asset impairments of £4.7 billion.

Total U.K. sales for the year dropped 1.8% to £44.6 billion and a net debt of £8.5 billion and a net pension deficit of £3.9 billion.