AstraZeneca, Rolls-Royce Net Swing to Loss; Credit Suisse Net Swing to Profit

Sarla Buch
28 Jul, 2016
New York City

AstraZeneca net swung to a loss. BAE Systems net jumped 5%. Credit Suisse net swung to profit bur revenues plunged 27%. Lloyds Banking net more than doubled. Rolls-Royce net swung to a loss. Shell profit tumbled 80%. Volkswagen net plunged 57%.

[R]4:00 PM Frankfurt – AstraZeneca net swung to a loss. BAE Systems net jumped 5%. Credit Suisse net swung to profit bur revenues plunged 27%. Lloyds Banking net more than doubled. Rolls-Royce net swung to a loss. Shell profit tumbled 80%. Volkswagen net plunged 57%.[/R]

In London trading, FTSE 100 index fell 15.58 or 0.2% to 6,734.97 and in Frankfurt the DAX index decreased 17.75 or 0.2% to 10,301.79.

In Paris, CAC 40 index slid 9.17 or 0.2% to 4,437.94.

AstraZeneca Plc jumped 3.4% to 4,847 pence after the U.K.-based biopharmaceutical products maker said total revenues in the first-half ending in June declined 5% from a year ago to $11.72 billion.

Net in the period swung to a loss from a year ago to $685 million or 51 cents per diluted share compared to profit of $1.24 billion or 99 cents per share from the same quarter last year.

BAE Systems Plc rose 0.4% to 541.50 pence after the U.K.-based weapons maker reported revenues in the first-half ending in June advanced 3.5% from year ago to £8.28 billion.

Net profit in the period jumped 4.6% from a year ago to £408 million compared to £390 million and diluted earnings per share rose to 12.8 pence from 12.3 pence.

Credit Suisse Group AG fell 4.5% to 11.03 Swiss francs after the Switzerland-based financial services provider said revenues in the second-quarter ending in June plunged 27% from a year ago to 5.11 billion francs.

Net in the quarter swung to profit from a year ago to 170 million francs compared to a loss of 1.05 billion francs and diluted earnings per share swung to 0.08 francs from diluted loss per share of 0.59 francs.

Lloyds Banking Group Plc slumped 4.9% to 53.01 pence after the U.K.-based financial services provider reported total revenues in the first-half ending in June soared 56.1% from year ago to £18.43 billion.

Net profit in the period more than doubled from a year ago to £1.86 billion compared to £925 million and diluted earnings per share jumped to 2.3 pence from 1 pence.

The bank plans to eliminate 3,000 jobs and close 200 branches and managed blamed it on the Brexit related uncertainties.

Rolls-Royce Holding Plc surged 13.9% to 834 pence after the U.K.-based power and propulsion solution provider stated revenues in the first-half ending in June fell 1% from year ago to £6.46 billion.

Net in the quarter swung to a loss from a year ago to £1.77 billion compared to profit of £360 million and diluted loss per share swung to a 96.72 pence from diluted earnings per share of 19.35 pence.

Royal Dutch Shell Plc dropped 3.3% to 1977 pence after the U.K.-based oil and gas refiner reported revenues in the first-half ending in June plunged 22.5% from a year ago to $106.97 billion.

Net income in the period tumbled 80.3% from a year ago to $1.66 billion or 22 cents per diluted share compared to $8.42 billion or $1.32 per share from the same quarter last year.

Chief Executive Officer Ben van Beurden said operating performance continues to improve and Shell is firmly on track to deliver a $40 billion underlying operating cost run rate at the end of 2016.

Volkswagen AG slumped 2.8% to €124.10 after the Germany-based vehicle maker said revenues in the second-quarter ending in June rose 1.7% from a year ago to €56.97 billion.

Net profit in the period plunged 56.7% from a year ago to €1.16 billion compared to €2.67 billion and diluted earnings per share declined to €2.30 from €5.33.

The Volkswagen Group deliveries in the month of June increased 5.1% to 883,400 vehicles compared to a year ago period and in the first-half deliveries increased 1.5% to 5.12 million vehicles.