Ahold, Schaeffler Net Soar; Co-operative Bank to Pay Record Fine

Nigel Thomas
20 Aug, 2015
New York City

Ahold profit more than doubled. Bank of England fined record

[R]4:00 PM Frankfurt – Ahold profit more than doubled. Bank of England fined record £120 million to Co-operative Bank for misleading financial reporting. Imperial Tobacco net more than doubled to £853 million. Premier Oil net swung to a loss. Schaeffler profit surged 47%.[/R]

In London trading, FTSE 100 index fell 20.60 or 0.3% to 6,382.85 and in Frankfurt the DAX index dropped 138.42 or 1.3% to 10,543.73.

In Paris, CAC 40 index slumped 75.93 or 1.6% to 4,808.17.

Koninklijke Ahold N.V jumped 2.6% to 17.95 after the Netherlands-based supermarkets and convenience stores operator reported revenues in the first-half ending in June surged 15.9% to €19.98 billion from €17.24 billion a year ago period.

Net profit in the quarter more than doubled from a year ago to €408 million compared to €197 million and diluted earnings per share jumped to €0.48 from €0.42.

The Co-operative Bank, the U.K.-based financial services provider said interest income in the first-half ending in June declined 22.8% to £415.7 million from £538.6 million in a year ago period.

Net loss in the period widened from a year ago to £233.3 million compared to £65.6 million and diluted loss per share increased to 51.67 pence from 23.18 pence.

The bank said Bank of England’s regulatory authority fined a record £120 million for misleading financial reporting between 2009 and 2013.

Imperial Tobacco Group Plc slipped 1.3% to 3,183.36 pence after the U.K.-based tobacco producer revenues in the first-half ending in June slumped 3.9% to £12.13 billion from £12.63 billion in a year ago period.

Net profit in the period soared 133% from a year ago to £853 million compared to £366 million and diluted earnings per share jumped to 89.3 pence from 38 pence.

Premier Oil Plc soared 15.9% to 111.50 pence after the U.K.-based oil and gas explorer stated revenues in the first-half ending in June tumbled 34.8% to $577 million from $884.7 million in a year ago period.

Net in the period swung to a loss from a year ago to $375.2 million compared to profit of $172.7 million and diluted loss per share swung to a 73.5 cents from diluted earnings per share of 31.3 cents.

Schaeffler GmbH & Co. KG, the bearings maker said revenues in the first-half ending in June soared 12.4% to €6.73 billion from €5.99 billion a year ago period.

Net profit in the quarter surged 47.1% from a year ago to €309 million compared to €210 million.

WH Smith Plc slipped 1.2% to 1,552 pence after the U.K.-based books and magazines retailer said total group sales in the year ending in August rose 1% and comparable sales were flat.

Total sales at travel stores soared 8% on 4% increase in comparable sales while high street total and comparable sales declined 4%.