Exillon gets boost as fuel output increases May 8, 2012 OIL explorer Exillon yesterday reported a 55 per cent jump in production for the three months to the end of April alongside above-average selling prices for its fuel. Production at the FTSE 250-listed firm averaged 11,448 barrels per day compared with 7,386 bpd in the equivalent period last year. In April, Exillon hit an all-time [...]
Essar files writ over Indian tax repayments May 8, 2012 INDIA-FOCUSED energy company Essar Energy yesterday filed a writ in the Gujarat high court to seek more information on how it should repay taxes owed. In January the company was told it could not defer the repayment of sales tax the Indian government claimed it was owed. Essar unsuccessfully appealed to the country’s supreme court. [...]
Morgan Crucible hit by a slowdown in revenue May 8, 2012 BRITISH advanced materials group Morgan Crucible said yesterday revenue in the first four months of 2012 was marginally lower than in the same period last year. Turnover dipped four per cent, but the firm said that despite the slower start there were signs of improvement. Morgan Crucible said that the ceramics division had performed strongly [...]
TULLOW BUOYED BY KENYAN OIL UPGRADE May 8, 2012 Tullow Oil shares jumped 3.3 per cent yesterday after it revealed that one of its wells in Kenya has more oil than expected. FTSE 100-listed Tullow has a 50-50 deal with Africa Oil on the project, which is in line to be Kenya’s first oil production. Analysts at Morgan Stanley said the upgraded find could [...]
US buyout firm Apollo lifted by capital markets May 8, 2012 SHARES in Apollo Global jumped yesterday after it boosted the listed buyout sector with a rise in first-quarter profits. The US private equity house, run by billionaire Leon Black, posted a 22.7 per cent rise in economic net income (ENI) to $462m (£286m). The performance of Apollo is eagerly watched following its $565m initial public [...]
Disney beats earnings forecasts thanks to theme parks and TV May 8, 2012 WALT Disney said last night that its quarterly earnings have risen 21 per cent, as the company posted growth at its media networks such as ESPN and at its theme park business. Disney reported net income of $1.1bn (£681m) for the fiscal second quarter, beating expectations. Revenue rose six per cent to $9.63bn, with a [...]
TUI pins hopes on summer as losses widen May 8, 2012 TUI TRAVEL, the world’s biggest tour operator, said yesterday it was on track to meet full-year expectations despite seeing losses widen in the first half of the year. The owner of Thomson and First Choice posted an underlying operating loss of £317m in the six months to 31 March compared with £307m last year, blaming [...]
Asian growth boosts profit at Deutsche Post May 8, 2012 Deutsche Post DHL said it was upbeat on the rest of the year yesterday after new contracts and demand for express delivery services in Asia helped it beat expectations for sales and profit in the first quarter. “There is still very healthy growth [in Asia] and we are profiting from that because we are still [...]
Strong UK sales at McDonald’s fail to hide disappointment May 8, 2012 McDonald’s yesterday reported a smaller-than-expected rise in April sales, after a strong performance in the UK and Europe failed to offset tough trading elsewhere. Despite national debt woes, widespread austerity measures and high unemployment in the Eurozone, McDonald’s grew same-restaurant sales in the region by 3.5 per cent, above analysts’ forecasts of a three per [...]
Actelion warns of no growth for two years May 8, 2012 EUROPE’S biggest biotech company, Actelion, yesterday said its earnings would not grow again until 2014, as new medicines and cost cuts would take time to offset falling sales of the drug that brings in most of its revenue. The Swiss group, which received a boost last week from positive trial results of a new-generation heart [...]