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Caribbean Global Market Update

Commerzbank Lowered Expectations; Deutsche Post, Zalando Net Decline

Author: Sarla Buch
Islandjournal.net
Last Update: 11:54 AM EDT August 07 2018


4:00 PM Frankfurt Commerzbank net swung to profit but forecasted higher costs estimates. Deutsche Post profit declined after higher expenses, transport and staff costs. Pandora trimmed fiscal sales and profit margin estimates. UniCredit profit jumped on lower cost and provisions. Zalando net declined.

In London trading, FTSE 100 index advanced 81.73 or 1.1% to 7,745.38 and in Frankfurt the DAX index increased 84.85 or 0.7% to 12,683.06.

In Paris, CAC 40 index jumped 53.97 or 1% to 5,531.14.

Bonduelle SCA declined 5.8% to 30 after France-based processed vegetables producer said total revenues in the year ending in June soared 21.4% from a year ago to 2.8 billion.

The processed vegetables producer said revenues in the fresh processed segment surged 78% to 1.2 billion and revenues in the canned business rose 0.4% to 988 million but revenues in the frozen segment dropped 4.1% to 622 million.

Bonduelle forecasted fiscal 2019 revenue may fall but operating profit growth of about 20%.

Commerzbank AG slipped 1.3% to 8.83 after Germany-based banking and financial services provider said interest income in the first-half ending in June rose 0.2% from a year ago to 4.2 billion.

Net in the period swung to profit 591 million from a loss of 369 million in the same period a year ago and diluted earnings per share swung to 0.43 from diluted loss per share of 0.33.

The bank lifted fiscal 2018 investments and compulsory contributions costs estimate of about 7.1 billion from the earlier estimate of 7 billion and risk result under IFRS 9 should be below 500 million.

Deutsche Post AG jumped 3.6% to 30.62 after Germany-based postal service and international courier service provider reported revenues in the first-half ending in June increased 0.3% from a year ago to 29.8 billion.

Net profit in the period plunged 9.6% to 1.1 billion from 1.2 million in the same period a year ago and diluted earnings per share fell to 0.89 from 1.

Deutsche Post said decline in profit was driven by higher expenses, transport and staff costs.

The postal service and international courier service provider said operating profit dropped 4.3% to 1.7 billion after higher costs and operational investments at Post-eCommerce-Parcel.

Deutsche Post DHL Group estimated fiscal 2020 operating profit of more than 5 billion with the PeP division is expected to contribute approx 1.7 billion and the DHL divisions about 3.7 billion

Pandora A/S tumbled 21.4% to 338.20 Danish krone after Denmark-based jewelry maker and retailer said group revenues in the second-quarter ending in June jumped 4% from a year ago to 4.8 billion krone and operating margin growth declined to 31.1% from 33.4% in the same period a year ago.

Pandora lowered fiscal 2018 revenue growth forecast to between 4% and 7% from the earlier estimate of 7% to 10% but the company expects to add net 250 concept stores from the earlier estimate of 200 stores.

UniCredit SpA advanced 3.5% to 14.89 after Italy-based banking and financial services provider reported total revenues in the first-half ending in June dropped 2.5% from a year ago to 10.1 billion.

Net profit in the period surged 15.3% to 2.1 billion from 1.9 billion in the same period a year ago and diluted earnings per share increased to 53.79 from 46.82.

The lender said group total deposits in the period jumped 4.8% to 413.8 billion and group total loans advanced 2.9% to 422.9 billion from a year ago period. Operating costs declined to 7% and expenses dropped 7.6%.

Zalando SE plunged 5.9% to 45.17 after Germany-based online fashion retailer said revenues in the first-half ending in June surged 21.4% from a year ago to 2.5 billion.

Net profit in the period declined 30.2% to 36.7 million from 52.6 million in the same period a year ago.


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