Deutsche Bank Net Tumbles, LVMH Reported Strong Profit

Sarla Buch
25 Jul, 2018
New York City

Ageas jumped on the expectations of a bid from Fosun. Deutsche Bank profit tumbled after bond trading declined 17%. Elior revenues jumped. ITV online revenues surged 48%. Lonza reported strong profit and revenues. LVMH profit soared 43%.

[R]4:00 PM Frankfurt –Ageas jumped on the expectations of a bid from Fosun. Deutsche Bank profit tumbled after bond trading declined 17%. Elior revenues jumped. ITV online revenues surged 48%. Lonza reported strong profit and revenues. LVMH profit soared 43%.[/R]

In London trading, FTSE 100 index slumped 46.97 or 0.6% to 7,661.56 and in Frankfurt the DAX index dropped 87.37 or 0.7% to 12,604.22.

In Paris, CAC 40 index fell 14.12 or 0.3% to 5,419.54.

Ageas, jumped 4.3% to €43.66 on media reports that China-based assets buyers and conglomerate Fosun International planning to bid for life insurance provider for parts or the whole.

Fosun already owns 3.01% stake in Ageas with market capitalization of about €8.41 billion or $9.82 billion.

Deutsche Bank AG declined 1.3% to €10.33 after Germany-based banking and financial services provider reported total net revenues in the first-half ending in June dropped 3% from a year ago to €13.6 billion.

Net income in the period tumbled 50% to €521 million from €1.04 billion in the same period a year ago and diluted earnings per share slumped to €0.09 from €0.38.

Revenue at its bond trading division plunged 17% and the lender plans to inject more money into the division and also plans to reduce its workforce to below 93,000 by the end of 2018 and below 90,000 by the end of next year.

Elior Group SA advanced 2.9% to €13.75 France-based commercial catering and foodservice provider said group revenues in the nine-month period ending in June jumped 3.7% from a year ago to €5.1 billion.

Elior said revenues in the contract catering and services increased 4.4% to €3.8 billion and revenues in the concession catering business rose 1.8% to €1.3 billion.


The catering services provider forecasted fiscal 2018 revenues growth 3% and operating margin to between 4.3% and 4.6% and capital expenditure of about €300 million.

ITV Plc increased 0.3% to 171.10 pence after the U.K.-based television broadcaster said revenues in the first-half ending in June soared 8% from a year ago to £1.6 billion.

Net income in the period jumped 3.4% to £213 million from £206 million in a year ago period and diluted loss per share rose to 5.3 pence from 5.1 pence.

The broadcaster said total advertising revenue grew 2% and online revenues surged 48% and plans to invest £60 million or $79 million up to 2021.

Lonza Group AG soared 6.7% to 303.20 Swiss francs after Switzerland-based chemicals and biotechnology products maker said sales in the first-half ending in June surged 8.2% from a year ago to 3.1 billion francs.

Net profit in the period surged 78.4% to 405 million francs from 227 million francs in the same period a year ago and diluted earnings per share advanced to 5.39 francs from 3.68 francs.

Lonza said operating profit in the period jumped 12% to 626 million francs from 557 francs million in the same period a year ago

However, the drug ingredients maker said as of June 30, net debt more than doubled to 3.7 billion francs from 1.6 billion francs in a year ago period.

LVMH Moet Hennessy Louis Vuitton SE increased 1.8% to €306.45 after France-based luxury goods conglomerate reported revenues in the first-half ending in June jumped 10.7% from a year ago to €21.8 billion.

Net income in the period soared 42.9% to €3 billion from €2.1 billion in the same period a year ago and diluted earnings per share jumped to €5.96 from €4.22.