Eurozone Growth Accelerates to 0.4%; AP Moeller, ABN Net Soar

Nigel Thomas
13 May, 2015
New York City

Markets across Europe stabilized after economic growth accelerated in March quarter. AP Moeller net surged but revenues plunged 10%. ABN AMRO profit soared 75% to

[R]4:00 PM Frankfurt – Markets across Europe stabilized after economic growth accelerated in March quarter. AP Moeller net surged but revenues plunged 10%. ABN AMRO profit soared 75% to €543 million. Deutsche Telekom net tumbled 57%. SABMiller net dropped 3%. TUI net loss narrowed.[/R]

European markets returned to calm after the economic growth accelerated in the March quarter and bond market stabilized.

On a quarterly basis, economic growth accelerated to 0.4% in the euro zone, fastest expansion since the second quarter of 2013.

The economic growth data also stabilized the bond market and DAX index edged slightly lower after losing nearly 2% in the previous session.

In London trading, FTSE 100 index gained 0.3% or 20.56 to 6,954.36 and in Frankfurt the DAX index edged down 9.38 to 11,463.03.

In Paris, CAC 40 index increased 0.8% or 38.51 to 5,013.16.

AP Moeller Maersk A/S rose 0.1% to 13,100 kronor after the Denmark-based shipping and port terminal operator said revenues in the first-quarter ending in March plunged 10% to $10.55 billion from $11.74 billion in a year ago period.

Net profit in the year surged 33.9% from a year ago to $1.54 billion compared to $1.15 billion and diluted earnings per share jumped to $72 from $53.

ABN AMRO Group N.V., the Netherlands-based financial services provider reported total revenues in the first-quarter ending in March jumped 9% to €2.17 billion from €1.98 billion in a year ago period.

Net profit in the quarter soared 74.6% from a year ago to €543 million compared to €311 million.

Deutsche Telekom AG fell 0.9% to €16.43 after the largest telecom operator in Germany said total revenues in the first-quarter ending in March surged 13.1% to €16.84 billion from €14.89 billion in a year ago period.

Net profit in the quarter tumbled 56.7% from a year ago to €787 million compared to €1.82 billion and diluted earnings per share declined to €0.17 from €0.41.

The company reported revenues in the quarter from T-Mobile in the U.S. soared 11.7% to $7.7 billion and in the quarter added net 1.8 million customers and total customer increased to 7.8 million.

The telecommunication company said net debt soared 22% to €46.31 billion from €37.96 billion in the same period a year ago.

SABMiller Plc gained 1.3% to 3,549 pence after the U.K. and South Africa based beverages maker reported revenues in the year ending in March declined 5.3% to $22.13 billion from $22.31 billion in a year ago period.

Net profit in the year dropped 2.5% from a year ago to $3.56 billion compared to $3.65 billion and diluted earnings per share slipped to 203.5 cents from 209.1 cents.

TUI AG slipped 1.7% to €17.22 after the Germany-based travel agency and tour operator said total revenues in the first-half ending in March climbed 9.2% to €3.41 billion from €3.13 billion in a year ago period.

Net loss in the quarter narrowed from a year ago to €96.9 million compared to €120.3 million and diluted loss per share dropped to €0.19 from €0.50.