Berkeley Lifts Profit Outlook, France Based Engie Sells Thailand Stake

Sarla Buch
20 Jun, 2018
New York City

British Land reported rising interest in its Broadgate project. U.K. home builder Berkeley lifted profit guidance. Colruyt supermarket operator said profit fell. Engie agreed to sell its 69% stake in Thailand-based Glow Energy for

[R]4:00 PM Frankfurt – British Land reported rising interest in its Broadgate project. U.K. home builder Berkeley lifted profit guidance. Colruyt supermarket operator said profit fell. Engie agreed to sell its 69% stake in Thailand-based Glow Energy for €2.6 billion.[/R]

In London trading, FTSE 100 index increased 34.93 or 0.5% to 7,638.54 and in Frankfurt the DAX index rose 14.19 to 12,692.91.

In Paris, CAC 40 index fell 11.97 or 0.2% to 5,378.66.

British Land Co Plc gained 0.9% to 686.60 pence after the U.K.-based property developer today announced that it leasing activity is ramping up with 45% of the units are now leased and nearly 63% of the property units are in active discussion.

Broadgate property is designed in campus format with a mix of tenants.

""""This is good start to the year. These lettings are a strong endorsement of our campus strategy,” said chief executive officer Tim Roberts.

Berkeley Group Holdings Plc plunged 5.9% to 3,895 pence after the U.K.-based property developer reported revenues in the year ending in April fell 0.7% from a year ago to £2.7 billion.

Net income in the year soared 18.1% to £762.1 million from £645.1 million in a year ago period and diluted earnings per share advanced to 550.2 pence from 451.4 pence.

The homebuilder lifted fiscal 2019 pre-tax profit guidance estimate by £75 million to at least £1.6 billion for the two years ending April 30, 2019. The home builder lifted profit forecast for the five years ending in 2021 to £3.4 billion.

Berkeley said homes delivered declined 9.4% to 3,536 units from a year ago period but average selling price jumped 6% to £715,000 per home.

Etablissementen Franz Colruyt NV jumped 4.2% to €46.95 after Belgium-based supermarket and retail stores operator said revenues in the year ending in March declined 4.8% from a year ago to €9 billion.

Net profit in the period fell 2.3% to €374.4 million from €383.2 million in a year ago period and diluted earnings per share were flat at €2.60 from a year ago period.

Engie SA rose 0.2% to €13.22 after France-based electric utility provider today agreed to sell its 69% stake in Thailand-based power producer Glow Energy PCL to Global Power Synergy for €2.6 billion or $3.01 billion.