Glaxo, Verily to Invest

Sarla Buch
01 Aug, 2016
New York City

Air Liquide profit dropped 5% but revenues jumped 8%. Glaxo and Google owned Verily plans to invest

[R]4:00 PM Frankfurt – Air Liquide profit dropped 5% but revenues jumped 8%. Glaxo and Google owned Verily plans to invest £540 million researching bio-electronic medicine. Heineken profit tumbled 45% to €693 million. Porsche net plunged 41%. Trinity Mirror net and revenues surged. Veolia profit declined.[/R]

European markets traded sideways and oil drifted lower after rising supply worries dragged down the price to a 3-week low.

In London trading, FTSE 100 index fell 27.26 or 0.4% to 6,697.03 and in Frankfurt the DAX index decreased 21.67 or 0.2% to 10,315.12.

In Paris, CAC 40 index dropped 29.58 or 0.7% to 4,410.91.

Oil in London trading declined 2% after OPEC nations suggested rising supply and oil rig count also increased in the U.S. Brent crude traded as low as just above $43 a barrel and in New York traded as low as $40.63.

Air Liquide SA declined 3.4% to €92.15 after the France-based industrial gas producer said revenues in the first-half ending in June jumped 8% from a year ago to €8.30 billion.

Net income in the period dropped 4.6% from a year ago to €810.6 million compared to €849.4 million and diluted earnings per share fell to €2.35 per share from €2.47.

GlaxoSmithKline Plc rose 0.2% to 1,691.50 pence after the U.K.-based healthcare products maker and Verily a subsidiary of Alphabet Inc will invest £540 million or $700 million to create a new company to research into the nascent field of bio-electronic medicine and marking.

Heineken N.V slumped 3.3% to €81.66 after the Netherlands-based brewer reported revenues in the first-half ending in June rose 2% from a year ago to €10.1 billion.

Net income in the period tumbled 44.5% from a year ago to €693 million compared to €1.25 billion and diluted earnings per share dropped to €1.03 per share from €2.

The brewer forecasted operating profit for the year to increase about 40 basis points and capital expenditure is estimated to slightly less than of €2 billion, in fiscal 2015 it was of €1.6 billion.

Porsche Automobil Holding SE dropped 2% to €45.94 after the Germany-based passenger cars maker said net income in the first-half ending in June plunged 40.6% from a year ago to €980 million compared to €1.65 billion and diluted earnings per share dropped to €3.20 per share from €5.39.

Trinity Mirror Plc soared 7.3% to 80.50 pence after the U.K.-based multimedia content publisher stated revenues in the first-half ending in June jumped 29.9% from year ago to £374.7 million.

Net profit in the period surged more than four-fold from a year ago to £36 million compared to £9.9 million and diluted earnings per share rose to 12.8 pence from 3.9 pence.

Veolia Environnement SA gained 1.1% to €20.08 after the France-based water treatment services provider said revenues in the first-half ending in June fell 2.9% from a year ago to €12.32 billion.

Net income in the period declined 28.7% from a year ago to €353 million compared to €251 million.

Separately, the company closed the acquisition of Chemours’ sulphur products division announced in last June to strengthen its industrial regeneration business in the United States.