Admiral, Vestas Net Rise, Glencore Net Swings to Loss

Nigel Thomas
19 Aug, 2015
New York City

Admiral Group net jumped 5% to

[R]4:00 PM Frankfurt – Admiral Group net jumped 5% to £153 million. Carlsberg profit tumbled 30% to 1.5 billion kronor. Deutsche Annington net declined 10% to €61 million. Glencore net swung to a loss of $676 million. Syngenta plans to divest its premium flowers seeds business. Vestas profit double to €181 million.[/R]

In London trading, FTSE 100 index slumped 77.02 or 1.2% to 6,449.36 and in Frankfurt the DAX index declined 183.70 or 1.7% to 10,730.05.

In Paris, CAC 40 index dropped 55 or 1.1% to 4,915.29.

Admiral Group Plc soared 5.2% to 1,542 pence after the U.K.-based auto insurance provider said net revenues in the first-half ending in June increased 0.7% to £447.7 million from £444.6 million in a year ago period.

Net profit in the period jumped 4.9% from a year ago to £152.9 million compared to £145.7 million and diluted earnings per share gained to 54.7 pence from 52.7 pence.

The insurer said turnover in the period rose 2% to £1.06 billion from £1.04 billion and set aside reserves of about £92.6 million for claims in previous years compared with £73.1 million in a year ago period.

Carlsberg A/S plunged 7.4% to 577.50 kronor after the Denmark-based brewing company reported net revenues in the first-half ending in June rose 1.1% to 32.40 billion kronor from 32.06 billion kronor in a year ago period.

Net profit in the period tumbled 29.9% form a year ago to 1.50 billion kronor compared to 2.14 billion kronor and diluted earnings per share slipped to 11.4 kronor from 14.7 kronor.

Deutsche Annington Immobilien SE gained 1.1% to €29.56 after the Germany-based residential properties developer said total revenues in the first-half ending in June soared 68.3% to €927.8 million from €551.3 million in a year ago period.

Net profit in the period declined 9.7% from a year ago to €60.8 million compared to €67.3 million and diluted earnings per share decreased to €0.19 from €0.29.

Glencore Plc declined 8.9% to 160.50 pence after the Switzerland-based natural resource company reported revenues in the first-half ending in June plummeted 24.9% to $85.71 billion from $114.06 billion in a year ago period.

Net in the period swung to a loss from a year ago to $676 million compared to profit of $1.72 billion and diluted loss per share swung to a 5 cents from 13 cents.

Glencore would take a further $790 million write down on its about $1.56 billion acquisition of a Chad-focused oil company that it acquired in last year.

Syngenta AG slipped 1.1% to 387.10 Swiss francs after the Switzerland-based crop protection chemicals maker plans to divest its premium flowers seeds business from its Lawn and Garden operating unit and continue to invest in golf courses and industrial pest management.

Vestas Wind Systems A/S slid 0.08% to 385.20 kronor after the Denmark-based wind power producer said revenues in the first-half ending in June surged 24.8% to €3.27 billion from €2.62 billion a year ago period.

Net profit in the quarter double from a year ago to €181 million compared to €96 million and diluted earnings per share jumped to €0.81 from €0.44.

Vestas forecasted revenues for the year to increase of about €7.5 billion including service revenue and free cash flow of about €600 million.