BHP Billiton Net Swing to Loss, Linde in Merger Talk with Praxair

Sarla Buch
16 Aug, 2016
New York City

BHP Billiton net swung to a loss of $6.4 billion and revenues plunged 31%. Deutsche EuroShop net fell 2%. John Wood net plunged 63% and awarded contract for $700 million in Kazakhstan. Linde is in merger talks with the U.S.-based rival Praxair.

[R]4:00 PM Frankfurt – BHP Billiton net swung to a loss of $6.4 billion and revenues plunged 31%. Deutsche EuroShop net fell 2%. John Wood net plunged 63% and awarded contract for $700 million in Kazakhstan. Linde is in merger talks with the U.S.-based rival Praxair.[/R]

In London trading, FTSE 100 index slumped 28.51 or 0.4% to 6,912.66 and in Frankfurt the DAX index decreased 53.63 0.5% to 10,685.62.

In Paris, CAC 40 index dropped 27.74 or 0.6% to 4,470.31.

BHP Billiton Plc gained 1.8% to 1,061.50 pence after the U.K.-based explorer and miner reported revenues in the year ending in June plunged 30.8% from a year ago to $30.9 billion.

Net in the year swung to a loss from a year ago to $6.4 billion compared to the profit of $1.9 billion and diluted loss per share swung to a $1.20 from diluted earnings per share of 35.8 cents.

The miner said on cash basis, capital and exploration expenditure in the year are expected to be $7.7 billion and expenses are expected to decline to $5.4 billion in fiscal 2017.

BHP said its balance sheet remains strong with a net debt of $26.1 billion, broadly unchanged from December 2015.

Deutsche EuroShop AG dropped 2.1% to €40.87 after the Germany-based shopping centres developer said revenues in the first-half ending in June rose 1% from a year ago to €101.8 million.

Net profit in the period slumped 2% from a year ago to €48.7 million compared to the €49.7 million and diluted earnings per share decreased to €0.97 from €0.95.

John Wood Group Plc gained 0.9% to 736 pence after the U.K.-based oilfield services provider said revenues in the first-half ending in June declined 16.6% from a year ago to $2.56 billion.

Net profit in the period plunged 63.2% from a year ago to $44.6 million compared to the $121.2 million and diluted earnings per share slumped to 10.5 cents from 30.9 cents.

Separately, today the oilfield services provider was awarded contract worth about $700 million from Tengizchevroil in Kazakhstan.

Linde AG surged 10.9% to €154.55 after the Germany-based gas and engineering services provider confirmed that it is in preliminary talks about a potential merger with the U.S.-based rival Praxair, Inc.

Unilever N.V slipped 1.1% to €41.25 after the Netherlands-based consumer goods maker agreed to acquire Blueair.

Sweden-based purification solutions provider Blueair had reported sales of $106 million in 2015.