BP Net Swing to Profit on Higher Oil Price, Osram Lifted Outlook

Sarla Buch
02 May, 2017
New York City

Aberdeen Asset Management net surged 13% on 11% jump in revenues. BP said net debt rose again on the Gulf of Mexico oil spill payments but net swung to profit. Bet-at-home.com profit tumbled 38%. Osram Licht lifted fiscal revenues and earnings forecast.

[R]4:00 PM Frankfurt – Aberdeen Asset Management net surged 13% on 11% jump in revenues. BP said net debt rose again on the Gulf of Mexico oil spill payments but net swung to profit. Bet-at-home.com profit tumbled 38%. Osram Licht lifted fiscal revenues and earnings forecast.[/R]

In London trading, FTSE 100 index increased 47.18 or 0.6% to 7,239.87 and in Frankfurt the DAX index rose 49.54 or 0.4% to 12,485.94.

In Paris, CAC 40 index gained 30.88 or 0.6% to 5,298.18.

Aberdeen Asset Management Plc jumped 4.2% to 290.81 pence after the U.K.-based asset manager reported net revenues in the first-half ending in March soared 10.6% from a year ago to £534.9 million.

Net profit in the period surged 12.9% from a year ago to £93.5 million from £82.8 million and diluted earnings per share increased to 6.10 pence from 5.41 pence.

The asset manager said gross new business inflows in the period was £22.7 billion and outflows of about £36.1 billion resulting net outflow of £13.4 billion and as of period end asset under management is £308.1 billion.

BP Plc advanced 2% to 451.43 pence after the U.K.-based oil and gas producer reported revenues in the first-quarter ending in March jumped 43.9% from a year ago to $56.4 billion.

Net in the quarter swung to profit of $1.5 billion from a loss of $558 million a year ago and diluted earnings per share swung to 7.38 cents from 2.60 cents.

BP said net profit is almost nearly tripled to $543 million in fiscal fourth-quarter of 2016 and forecasted oil prices in 2017 in the range of $50 to $55 per barrel.

“Debt will rise in the first and second quarters to cover the Gulf of Mexico payments,” said chief financial officer Brian Gilvary.

Chief executive Bob Dudley said first-quarter result is “robust” and “started well,” after the higher oil prices and deep cost-cutting.

bet-at-home.com AG edged up 0.1% to €120 after Germany-based online sports betting and gaming services provider said revenues in the first-quarter ending in March jumped 30% from a year ago to €37.2 million.

Net profit in the quarter tumbled 38.2% from a year ago to €3.2 million from €5.1 million.

The betting and gaming services provider forecasted fiscal 2017 revenues of about €144 million and operating profit may between €34 million and €38 million.

Osram Licht AG gained 1.2% to €62.25 after Germany-based lighting fixtures maker lifted second-half fiscal 2017 revenues growth to between 7% and 9% from the earlier estimated range of 5% to 7% and diluted earnings per share in the range of €2.70 to €2.90 from the previously forecasted range between €2.35 and €2.65.

OSRAM is schedule to release its second-quarter result on May 3.