Maersk Net Declines 88%; Deutsche Wohnen, Talanx Net Soar

Sarla Buch
12 Aug, 2016
New York City

AP Moeller Maersk net plunged 88% on 17% as average container freight rate declined 24% and 26% lower oil price. Deutsche Wohnen net surged 15%. Nationwide net swung to a profit

[R]4:00 PM Frankfurt – AP Moeller Maersk net plunged 88% on 17% as average container freight rate declined 24% and 26% lower oil price. Deutsche Wohnen net surged 15%. Nationwide net swung to a profit £401 million. Talanx net soared 29%.[/R]

In London trading, FTSE 100 index slid 2.75 to 6,911.51 and in Frankfurt the DAX index slipped 33.15 0.3% to 10,710.69.

In Paris, CAC 40 index fell 5.50 to 4,498.75.

For the week, FTSE 100 index increased 1.7%, the DAX index advanced 3.3% and the CAC 40 index jumped 2%.

AP Moeller Maersk A/S soared 4.9% to 9,085 Kronor after the Denmark-based oil container shipping services provider said revenues in the first-half ending in June plummeted 17.4% from a year ago to $17.4 billion.

Net income in the period plunged 88% from a year ago to $312 million compared to the $2.61 billion and diluted earnings per share slumped to $37 from $121.

The group said profit was weaker than expected predominantly due to 24% lower average container freight rates and 26% lower oil price and operating expenses dropped by $808 million mainly due to lower bunker prices.

Deutsche Wohnen AG fell 0.3% to €34.65 after the Germany-based property developer reported profit in the first-half ending in June surged 14.8% from a year ago to €623 million.

The real estate developer said profit soared after gross rental income in the period jumped 11% to €347.8 million from €313.3 million a year ago.

Nationwide Building Society, the U.K.-based privately held building society first-quarter ending in June net income swung to £401 million compared to a loss of £3 million and operating profit of about £368 million after recognising a gain of £100 million on the stake disposal in Visa Europe.

The building society said gross mortgage lending surged 26% to £8.6 billion and member deposits in the first quarter of £2.6 billion on the 21% increase new current account openings to more than 139,000.

Talanx AG declined 4% to €26.53 after the Germany-based insurance and financial services provider reported gross written premiums in the first-half ending in June dropped 2.4% from a year ago to €16.4 billion.

Net profit in the period soared 28.9% from a year ago to €401 million compared to the €311 million and diluted earnings per share increased to €1.59 from €1.23.

The insurer forecasted net income in the year of about €750 million.