BP, Novartis Net Tumble; BASF Net Surges, Aixtron Net Loss Narrows

Nigel Thomas
27 Oct, 2015
New York City

BP profit tumbled and plans for lager cost cuttings through 2017. BASF profit surged 19% but revenues declined 5%. Novartis profit plunged 42% on 6% drop in revenues. Aixtron net loss narrowed. Air Liquide revenues in third-quarter soared 8%.

[R]4:00 PM Frankfurt – BP profit tumbled and plans for lager cost cuttings through 2017. BASF profit surged 19% but revenues declined 5%. Novartis profit plunged 42% on 6% drop in revenues. Aixtron net loss narrowed. Air Liquide revenues in third-quarter soared 8%.[/R]

In London trading, FTSE 100 index slipped 26.52 or 0.4% to 6,390.47 and in Frankfurt the DAX index fell 52.29 or 0.5% to 10,748.32.

In Paris, CAC 40 index decreased 32.62 or 0.7% to 4,864.43.

Aixtron SE soared 4.9% to €5.61 after the Germany-based semiconductor maker said total revenues in the nine-month period ending in September was flat from a year ago to €135.3 million.

Net loss in the period narrowed form a year ago to €27.3 million compared to €43.4 million diluted loss per share slipped to €0.24 from €0.39.

The company forecasted full-year revenues in the range of €190 million to €200 million and net expected to improve but to remain negative for the fiscal 2015.

Air Liquide SA gained 0.9% to €117.40 after the France-based industrial and medical gases maker reported revenues in the third-quarter ending in September soared 7.8% to €4.1 billion and gas and services revenues jumped 7.4% to €3.70 billion.

The company reiterated its profit guidance for the year.

BP Plc fell 0.4% to 382.60 pence after the U.K.-based oil and gas producer said total revenues in the third-quarter ending I September declined 41% from a year ago to $55.88 billion.

Net profit in the quarter tumbled from a year ago to $56 million compared to $1.32 billion and diluted earnings per share plunged to 25 cents from $6.97.

The company estimated capital spending will drop between $17 billion and $19 billion per year through 2017.

BP also plans for divestment of asset worth about $3 billion to $5 billion in fiscal 2016.

BASF SE plunged 5.5% to €72.37 after the Germany-based chemicals maker reported revenues in the third-quarter ending in September declined 4.8% from a year ago to €17.27 billion.

Profit in the quarter surged 19.2% form a year ago to €1.21 billion compared to €1.01 billion diluted earnings per share increased to €1.31 from €1.11.

Novartis AG dropped 1.5% to 89.20 Swiss francs after the Switzerland-based pharmaceutical company reported net sales in the third-quarter ending in September declined 5.5% from a year ago to $12.27 billion.

Net income in the quarter plunged 41.6% from a year ago to $1.81 billion compared to $3.10 billion and diluted earnings per share jumped to 75 cents from $1.27.

The company agreed to pay $390 million to resolve a lawsuit alleging that the company boosted prescription volumes for the medicines to the specialty pharmacies.