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Caribbean Market Update

Renault in Landmark Deal with Iran, PostNL Net Tumbles

Author: Sarla Buch
Last Update: 11:59 AM ET August 07 2017

4:00 PM Frankfurt Banco Bpm net swung to profit and agreed to sell its Aletti Gestielle unit to Anima Holding for 700 million. Hypoport jumped on improved outlook. PostNL net tumbled but revenues increased. Renault and Iran-based IDRO signed a joint venture agreement to produce automobiles.

In London trading, FTSE 100 index increased 16.98 or 0.2% to 7,528.32 and in Frankfurt the DAX index slipped 65.26 or 0.5% to 12,232.31.

In Paris, CAC 40 index edged down 3.68 to 5,199.76.

Banco Bpm SpA jumped 2.9% to 3.35 after Italy-based banking and financial services provider said net interest income in the first-half ending in June dropped 3.1% from a year ago to 1.1 billion.

Net in the period swung to profit 94.2 million from a loss of 230 million in a year ago six-month period.

As of June 30, the bank said net write-downs of tangible and intangible assets for the period jumped 8.4% to 109 million from 101 million and net write-downs on impairment of customer loans fell to 647 million from the 1.1 billion in a year ago period.

As of June 30, net non-performing loans dropped 12.3% to 14.2 billion from 16.2 billion and net customer loans fell 1% to 109.4 billion from in December 2016.

Separately, the bank agreed to sell its Aletti Gestielle SGR unit for cash consideration of about 700 million to Anima Holding.

Hypoport AG jumped 6.7% to 130.40 after Germany-based technology-based financial services provider said revenues in the first-half ending in June soared 29% from a year ago to 95 million and operating profit surged 20% to 13 million in a year ago six-month period.

Hypoport reaffirmed fiscal 2017 percentages in revenue and earnings to double digits.

PostNL NV declined 5.3% to 3.85 after the Netherlands-based postal and parcel services provider reported revenues in the first-half ending in June rose 1% from a year ago to 1.71 billion.

Net income in the period tumbled 65.9% to 70 million from 205 million in a year ago six-month period and diluted earnings per share rose to 1.28 from 1.18.

Renault SA gained 0.7% to 76.18 after France-based automaker today signed a partnership agreement with Iran-based Renault products importer Parto Negin Naseh Co and the state owned Industrial Development and Renovation Organisation to build more than 150,000 passenger cars a year at Saveh, near Tehran.

Renault will have a majority stake in the proposed 660 million joint venture and first vehicles to be produced at the plant will be new Symbol and new Duster models.