Judge approves sale of Delphi to its lenders and the new GM July 30, 2009 A US judge ruled yesterday that car parts maker Delphi can sell itself to a group of lenders, paving the way for the company to end its near four-year trip through bankruptcy court. Earlier this week Delphi’s board accepted a bid from its debtor-in-possession lenders, including several hedge funds, to take over much of its [...]
BT posts loss but cost cuts boost shares July 30, 2009 BT GROUP posted a 45 per cent drop in first-quarter pre-tax profit yesterday, driven by its loss-making Global Services (GS) division, but said that it had made a good start on meeting its new cost-cutting targets. Shares rose after the group reported pre-tax profit of £272m, on better-than-expected revenues of £5.2m, which were down three [...]
O2’s iPhone deal nudges up profits at parent Telefonica July 30, 2009 SPANISH telecoms giant Telefonica said yesterday that it had seen a small increase in first-half profit, as a sharp downturn in its home market was offset by a strong performance in the UK and Latin America. Telefonica’s UK arm, O2, put in a solid performance over the period – posting year-on-year growth of 6.6 per [...]
Trinity Mirror shares boosted as advertising slump starts to slow July 30, 2009 SHARES in newspaper publisher Trinity Mirror lifted yesterday after it beat market expectations for first-half earnings thanks to a slower rate of decline in advertising sales and strict cost management. The group said that advertising revenues fell 23 per cent in July, after a 28 per cent decline between January and June, and the company [...]
FADING MAGIC July 30, 2009 WALT Disney yesterday said that profits in the three months to the end of June had fallen by more than a quarter as the global downturn took its toll on the entertainment giant’s theme parks and studios. Net profit was $954m (£579m), down 26 per cent from $1.28bn last year, on revenues that dipped seven [...]
High definition lifts earnings at BSkyB July 30, 2009 SHARES in BSkyB rose yesterday after the broadcaster posted a surge in full-year pre-tax profit, driven by record levels of new subscriptions as cash-strapped customers stayed at home. The dominant pay-TV firm said that its customer base had grown at its fastest rate for five years – with the addition of 462,000 subscribers over the [...]
Reed Elsevier falls on plunging profits and share placing July 30, 2009 ANGLO-DUTCH professional publisher Reed Elsevier last night said that it had raised £894m through an equity placing, which it plans to use to pay down its $8.4bn (£5.1bn) debt-pile. Reed unveiled its plans to launch the share placing of up to 9.9 per cent of its market capitalisation yesterday morning. It said its that its [...]
ANALYST VIEWS: HAS BSKYB IMPRESSED THE MARKET WITH ITS FULL-YEAR RESULTS? July 30, 2009 RICHARD HUNTER HARGREAVES LANSDOWNBSkyB has again confounded its doubters by posting numbers which belie the current environment. The spectres of fierce competition and rising unemployment both drag on prospects, but Sky continues to deliver in a marketplace in which it has pre-eminent experience, and the share price performance has reflected this. PAUL RICHARDS NUMIS SECURITIESWe [...]
Centrica sees profits slump in downturn July 30, 2009 CENTRICA said yesterday its first-half profits had dropped 5.6 per cent but that a good performance at British Gas had offset weak commodity prices. Operating profits at British Gas jumped 56 per cent to £476m on the back of low commodity prices and a cold snap in January and February. Centrica said its British Gas [...]
Brit misses profit expectations July 30, 2009 LLOYD’S of London insurer Brit said yesterday its pre-tax profits came in below analyst expectations at £64.9m in the first half of the year, excluding currency fluctuations. The figure was a 24.1 per cent rise on the £52.3m pre-tax profit booked in the first half of 2008, but fell short of analyst expectations of £70m. [...]