Adidas Net Surges; Allianz, Hugo Boss Net Plunge, RBS Net Loss Widens

Sarla Buch
05 Aug, 2016
New York City

Allianz net tumbled 15%. Adidas profit surged 75%. Bellway said sales in the year surged 27%. Hugo Boss net plunged 66%. Lafargeholcim net plummeted 49%. RBS net loss widened to

[R]4:00 PM Frankfurt – Allianz net tumbled 15%. Adidas profit surged 75%. Bellway said sales in the year surged 27%. Hugo Boss net plunged 66%. Lafargeholcim net plummeted 49%. RBS net loss widened to £2.04 billion.[/R]

European markets extended gains after a week of volatile trading dominated by better-than-expected but still weak corporate earnings and oil prices dropping to recent lows.

In London trading, FTSE 100 index gained 44.91 or 0.7% to 6,784.82 and in Frankfurt the DAX index advanced 113.81 or 1.1% to 10,341.76.

In Paris, CAC 40 index jumped 63.27 or 1.5% to 4,409.09.

For the week, FTSE 100 index rose 0.9%, the DAX index edged up 0.06% and the CAC 40 index slipped 0.7%.

Allianz SE slumped 3% to €124.40 after the Germany-based financial services provider reported gross premiums written in the first-half ending in June slipped 2.3% from a year ago to €41.14 billion.

Net income in the period tumbled 14.6% from a year ago to €3.28 billion compared to the €3.84 billion and diluted earnings per share dropped to €7.04 from €8.45.

adidas AG gained 0.4% to €145.60 after the Germany-based athletic and sports products maker said net sales in the first-half ending in June soared 15% from a year ago to €9.19 billion.

Net income in the period surged 74.7% from a year ago to €641 million compared to the €367 million and diluted earnings per share jumped to €3.13 from €1.87.

Adidas forecasted net income in the year in the range of €975 million to €1 billion.

Bellway Plc jumped 4.1% to 2,112 pence after the U.K.-based home builder said revenues in the year ending in July 31 surged 27% from a year ago to £2.2 billion and order book comprising 4,644 homes, valued at about £1,117.1 million from a year ago.

The home builder said number of home completions in the year soared 12.5% to 8,721 homes with an average selling price increase of 13% from a year ago to £252,700.

Hugo Boss AG, the Germany-based luxury clothing maker said net sales in the first-half ending in June slipped 4% from a year ago to €1.26 billion.

Net income in the period plunged 66% from a year ago to €49.5 million compared to the €146.2 million and diluted earnings per share slumped to €0.72 from €2.12.

The chief executive officer Mark Alexander Langer reaffirmed company plan to close 20 stores.

Lafargeholcim Ltd jumped 5.1% to 48 Swiss francs after the Switzerland-based building materials maker stated net sales in the first-half ending in June dropped 6.2% from a year ago to 13.34 billion francs.

Net income in the period plummeted 48.9% from a year ago to 293 million francs compared to the 573 million francs and diluted earnings per share increased to 5 cents from break even.

Royal Bank of Scotland Group Plc plunged 7.1% to 178.40 pence after the U.K.-based banking and financial services provider said net interest income in the first-half ending in June dropped 2% from a year ago to £4.33 billion.

Net loss in the period widened from a year ago to £2.04 billion compared to the £179 million and diluted loss per share jumped 17.6 pence from 2.2 pence.

RBS confirmed that the bank will no longer separate its Williams & Glyn business, the unit reported wider first-half losses of £1.3 billion on new litigation charges.

To compensate customers, the bank set aside additional £450 million against the aggressive selling of payment protection insurance and provisioned £180 million to redress its Irish tracker mortgages business.