Bouygues Profit Jumps; ABN Amro, Leoni Net Decline

Sarla Buch
16 Nov, 2016
New York City

ABN Amro net declined 11% and the bank plans to cut additional 1,500 jobs. Aggreko forecasted operating profit in the year in-line with expectations. Bouygues net rose. Bayer plans to raise

[R]4:00 PM Frankfurt – ABN Amro net declined 11% and the bank plans to cut additional 1,500 jobs. Aggreko forecasted operating profit in the year in-line with expectations. Bouygues net rose. Bayer plans to raise €4 billion through convertible notes. Leoni net plunged 83%.[/R]

In London trading, FTSE 100 index dropped 45.70 or 0.7% to 6,763.46 and in Frankfurt the DAX index decreased 65.40 or 0.6% to 10,669.62.

In Paris, CAC 40 index slumped 34.24 or 0.8% to 4,501.82.

ABN Amro Group NV plunged 5.3% to €20.64 after the Netherlands-based financial services provider said net interest income in the nine-month period ending in September dropped 5.8% from a year ago to €9.5 billion.

Net income in the period declined 10.9% from a year ago to €1.5 billion compared to the €1.7 billion.

In the third-quarter, ABN Amro reported profit jumped 19% to €607 million and the lender said it accelerated restructuring efforts and cuts additional 1,500 jobs in the coming years to reduce costs and invest in digital services.

Aggreko Plc slumped 2.7% to 780 pence after the mobile portable power provider said revenues in the third-quarter ending in September fell 7% from a year ago to 8%.

In the quarter, revenues in rental solutions segment declined 7% and revenues in power solutions utility business plummeted 6% these partially offset by revenues increased 3% in power solutions industrials.

Aggreko forecasted operating profit in the full-year broadly in line with expectations to about £225 million.

Bouygues SA jumped 3.1% to €31.09 after France-based industrial group said income in the nine-month period ending in September fell 3% from a year ago to €23.1 billion.

Net income in the period jumped 3% from a year ago to €345 million compared to the €334 million.

Bouygues said as of September 30 net sales decreased €993 million to €3.9 billion from €4.9 billion in a year ago period and operating profit in the period surged 16% to €570 million, helped by an improved performance in telecom business.

Bayer AG declined 4.9% to €90.08 after Germany-based chemicals and healthcare products maker plans to raise €4 billion through issue of convertible notes to finance proposed acquisition of the U.S.-based agrochemicals Monsanto Company for $57 billion.

Bayer said the notes would be converted into shares in November 2019 and reaffirmed that the acquisition to close by the end of 2017.

Leoni AG tumbled 10.1% to €32.70 after Germany-based wires, optical fibres, cables, cable systems provider said revenues in the nine-month ending in September slipped 2% from a year ago to €3.31 billion.

Net profit in the quarter plunged 82.9% from a year ago to €11.6 million compared to the €67.5 million and diluted earnings per share slumped to €0.35 from €2.06.

The optical fibres provider reaffirmed sales in the year of about €4.4 billion and operating profit of about €65 million.