Vivendi Beats Revenue Estimates, NKT Tumbles on Weak profit

Sarla Buch
16 Nov, 2018
New York City

Intermediate Capital said assets under management in the first-half jumped 23%. Ineos Enterprises agreed to acquire composites business of the U.S.-based Ashland Global Holdings. Denmark-based NKT tumbled on lowered operating profit. Vivendi beats revenues estimates.

[R]4:00 PM Frankfurt – Intermediate Capital said assets under management in the first-half jumped 23%. Ineos Enterprises agreed to acquire composites business of the U.S.-based Ashland Global Holdings. Denmark-based NKT tumbled on lowered operating profit. Vivendi beats revenues estimates.[/R]

In London trading, FTSE 100 index slid 9.44 to 7,026.81 and in Frankfurt the DAX index edged up 0.45 to 11,361.88.

In Paris, CAC 40 index fell 11.80 or 0.2% to 5,021.18.

Barry Callebaut AG declined 5.6% to 1,771 Swiss francs after Reuters said Jacobs Holding AG controlled by a billionaire family divested its 2.7% stake worth 281.4 million francs or $279.81 million in the Switzerland-based chocolate and cocoa products maker.

Intermediate Capital Group Plc jumped 4.5% to 993.50 pence after the U.K-based specialist asset manager reported total revenues in the first-quarter ending in September declined 9.3% from a year ago to £258.5 million.

Net profit in the period surged 34.4% to £125 million from £93 million in a year ago period and diluted loss per share advanced to 43.6 pence from 33.1 pence.

The asset manager said as of September 30 asset under management jumped 23.5% to €33.6 billion from €27.2 billion in a year ago period and third party fee income surged 35% to €26 billion from a year ago period.

Ineos Enterprises, after Germany-based privately owned chemicals producer agreed to acquire composites business and butanediol manufacturing facility from the U.S.-based Ashland Global Holdings Inc for $1.1 billion.

However, Ashland will retain its chemical plant in Lima, Ohio, to ensure consistent supply for its internal needs.

The transaction is expected to close in the first-half of 2019.

NKT A/S tumbled 22.4% to 86.90 Danish kronor after Denmark-based optical power cables and wires and crystal fibers maker said revenues in the nine-month period ending in September soared 9.1% from a year ago to €1.2 billion.

Net in the period swung to a loss of €6.1 million from profit of €62.7 million in a year ago period and diluted loss per share swung to €0.2 from diluted earnings per share of €2.3.

The power cables maker forecasted fiscal 2018 revenues in the range of €1 billion to €1.1 billion and lowered operating profit to €70 million from the earlier estimate of €90 million to €110 million.

Vivendi SA advanced 3.6% to €21.77 after France-based media conglomerate reported total revenues in the nine-month period ending in September surged 13.6% from a year ago to €9.8 billion.

Vivendi said revenues in the Universal Music Group business jumped 3.5% to €4.1 billion, in the Canal+Group segment rose 0.4% to €3.8 billion and in the Havas business surged to €1.6 billion from €536 million in the same period a year ago.