Pearson Sells Economist Stake to Exor, Balfour Beatty Net Loss Widens

Nigel Thomas
12 Aug, 2015
New York City

Balfour Beatty net loss widened. Centamin net surged 66%. E.ON net soared 40% to

[R]4:00 PM Frankfurt – Balfour Beatty net loss widened. Centamin net surged 66%. E.ON net soared 40% to €1.2 billion. Henkel profit climbed 12% to €1 billion on 13% jump in revenues. Pearson agreed to sell 50% stake in the Economist Group to Exor for £469 million.[/R]

In London trading, FTSE 100 index dropped 121.99 or 1.8% to 6,542.42 and in Frankfurt the DAX index declined 366.36 or 3.2% to 10,932.53.

In Paris, CAC 40 index plunged 371.98 or 3.4% to 4,926.50.

Balfour Beatty Plc jumped 3.8% to 261.22 pence after the U.K.-based infrastructure developer reported group revenues in the first-half ending in June slipped 2.5% to £3.47 billion from £3.56 billion in a year ago period.

Net loss in the period widened from a year ago to £150 million compared to £43 million and diluted loss per share increased to 21.9 pence from 6.2 pence.

Centamin Plc soared 6.9% to 58.40 pence after the U.K.-based mineral exploration company said revenues in the first-half ending in June climbed 21% to $124.2 million from $102.6 million in a year ago period.

Net profit in the period surged 66.4% from a year ago to $18.8 million compared to $11.3 million and diluted earnings per share increased to 1.65 cents from 0.99 cents.

E.ON SE slid 0.09% to €11.69 after the Germany-based utility provider reported revenues in the first-half ending in June jumped 5% to €57.30 billion from €54.78 billion in a year ago period.

Net profit in the period soared 40.1%from a year ago to €1.15 billion compared to €821 million and diluted earnings per share jumped to €0.59 from €0.43.

E.ON forecasted operating profit for the year between €7 billion and €7.6 billion.

Henkel AG & Co KGaA plunged 7.8% to €100.50 after the Germany-based detergent maker said revenues in the first-half ending in June soared 13.1% to €9.13 billion from €8.07 billion in a year ago period.

Net profit in the period climbed 12.3% from a year ago to €1.01 billion compared to €902 million and diluted earnings per share increased to €2.28 from €2.05.

Heidelberger Druckmaschinen AG declined 3.4% to €2.27 after the Germany-based printing technology provider said revenues in the first-quarter ending in June jumped 29.4% to €563 billion from €435 billion in a year ago period.

Net loss in the quarter narrowed from a year ago to €14.2 million compared to €17.2 million and diluted loss per share fell to €0.02 from €0.15.

Pearson Plc slid 0.7% to 1,165 pence after the U.K.-based education and media company agreed to sell its 50% stake in the Economist Group, the publisher of The Economist to EXOR S.p.A for £469 million or $730 million in cash to focus on education assets.

The Italy-based Agnelli family is the largest investor in Exor.

The transaction is expected to close in the fourth-quarter of this year.