Glencore Lifts Outlook, Thyssenkrupp Net Drops Brazil Divestment

Sarla Buch
10 Aug, 2017
New York City

Aegon net swung to profit and agreed to sells its Irish unit. Co-op Bank net loss widened. Glencore net swung to profit after revenues soared. Henkel reaffirmed fiscal outlook. ThyssenKrupp net swung to loss on the divestment of Brazil mill. TUI net loss widened.

[R]4:00 PM Frankfurt – Aegon net swung to profit and agreed to sells its Irish unit. Co-op Bank net loss widened. Glencore net swung to profit after revenues soared. Henkel reaffirmed fiscal outlook. ThyssenKrupp net swung to loss on the divestment of Brazil mill. TUI net loss widened.[/R]

In London trading, FTSE 100 index slumped 116.02 or 1.5% to 7,382.04 and in Frankfurt the DAX index dropped 129.40 or 1% to 12,024.61.

In Paris, CAC 40 index declined 35.07 or 0.7% to 5,110.62.

Aegon NV soared 6.7% to €5.18 after the Netherland-based life insurance provider reported total sales in the second-quarter ending in June edged up 0.5% from a year ago to €8.4 billion.

Net in the period swung to profit €529 million from a loss of €385 million in a year ago three-month period and diluted earnings per share swung to €0.24 from diluted loss per share of €0.20.

Separately today, the insurer agreed to sell its Aegon Ireland Plc to AGER Bermuda Holding Ltd., the holding company of the European operations of Athene Holding Ltd for about €180 million.

The transaction is expected to close in the first-quarter of 2018.

The Co-operative Bank Plc, the U.K.-based privately held financial services provider said net interest income in the first-half ending in June jumped 9.5% from a year ago to £115.8 million.

Net loss in the period widened to £139.7 million from £132.1 million in a year ago six-month period and diluted loss per share edged up to 30.94 pence from 29.26 pence.

In the first-half, the bank lost 25,000 in its current account customers on uncertain future, as in June the bank agreed for £700 million rescue package.

Glencore Plc dropped 1.8% to 333.55 pence after the U.K.-based metals, minerals and energy products producer reported revenues in the first-half ending in June soared 44.5% from a year ago to $100.3 billion.

Net income in the period swung to profit $2.5 billion from a loss of $369 million in a year ago six-month period and diluted earnings per share swung to 0.17 cents from diluted loss per share of 3 cents.

Glencore said operating income in the period surged 68% to $6.7 million from a year ago six-month period and net debt dropped by $1.6 billion to $13.9 billion from December 2016.

Henkel AG & Co KGaA declined 4.5% to €114 after Germany-based consumer and industrial laundry and home care services provider reported sales in the first-half ending in June jumped 11.5% from a year ago to €10.2 billion.

Net income in the period surged 12.4% to €1.2 billion from €1.1 billion in a year ago six-month period and diluted earnings per share soared to €2.82 from €2.51.

The consumer goods maker reaffirmed sales in the fiscal 2017 to grow between 2% and 4% and operating margin to soar more than 17% and earnings per share to jump between 7% and 9%.

ThyssenKrupp AG gained 1.3% to €25.89 after Germany-based diversified industrial conglomerate said sales in the nine-month ending in June soared 9% from a year ago to €32 billion.

Net in the period swung to a loss of €751 million from profit of €168 million in a year ago nine-month period and diluted loss per share swung to €1.33 from diluted earnings per share of €0.30.

As of June 30, ThyssenKrupp said net debt surged 32% to €6.3 billion from €4.8 billion in the same period a year ago.

The industrial conglomerate reaffirmed fiscal 2017 pretax profit to jump to €1.8 billion but the conglomerate estimated net loss due to the sale of Brazilian steel mill CSA.

TUI AG slipped 1.3% to €13.65 after Germany-based tourism services provider stated sales in the nine-month ending in June jumped 7.1% from a year ago to €11.5 billion.

Net loss in the period widened to €362 million from €315.2 million in a year ago nine-month period.

The tourism services provider forecasted fiscal 2017 revenues to increase more than 3% from the previous estimate and operating profit to surge 10%.