UK Coal warns Britain’s biggest mine could be closed by 2014 March 14, 2012 UK COAL shares lost a quarter of their value yesterday after it revealed it could close the largest coal-producing mine in Britain, the underperforming Daw Mill mine, by early 2014. UK Coal said it had suspended developments at Daw Mill beyond the end of 2013 due to low productivity, but retains the option to re-open [...]
CATHAY EARNINGS HAMMERED BY FUEL COSTS March 14, 2012 HONG KONG’S Cathay Pacific airline posted a 61 per cent drop in net profits yesterday, blaming rising fuel prices and a decrease in cargo shipments. The airline made HK$5.5bn (£450m) in 2011, down from HK$14bn in 2010. The airline, one of the world’s largest cargo carriers, reported an 8.6 per cent drop in its freight [...]
Yule Catto doubles its profits March 14, 2012 British chemicals maker Yule Catto’s acquisition of German peer PolymerLatex helped it to double its 2011 profit, despite several years of low growth in western economies that contribute to a majority of its revenue. Yule Catto, whose chemicals are used by the adhesive, textile, paper, and pharmaceutical businesses, yesterday reported an underlying pre-tax profit of [...]
Ferrexpo gains on new markets March 14, 2012 Ukrainian iron ore miner Ferrexpo posted a 37 per cent jump in 2011 pre-tax profit to $801m (£510.8m) yesterday, at the higher end of expectations, thanks to robust prices for the key steelmaking ingredient and an increase in Asian sales that offset softer European demand. The London-listed pellet producer has been reducing its dependence on [...]
Vietnam pays off for Soco March 14, 2012 Soco International’s profit jumped more than five-fold on the back of a key oil field in Vietnam coming onstream last year, and said it was confident of achieving the field’s targeted output by the third quarter of this year. The group reported a pre-tax profit of $158.6m (£101.2m) for 2011, compared with $30.9m a year [...]
BA drops Kingfisher alliance March 14, 2012 British Airways yesterday said it has suspended its code sharing agreement with India’s troubled Kingfisher Airlines. Kingfisher Airlines is “undergoing a financial restructure,” said Christopher Fordyce, regional commercial manager for south Asia at British Airways, without elaborating the reason for the suspension. Cash-strapped Kingfisher said yesterday it will cut back its overseas flights as the [...]
SIG forecasts flat 2012 sales March 14, 2012 Building products group SIG said yesterday that volumes would be at best flat in 2012, but it expects new branches and price increases to help it get through a tough construction market in Europe. The firm said its annual underlying pre-tax profit grew 27 per cent to £81.7m.
Tullow Oil’s earnings rise 500 per cent March 14, 2012 OIL explorer Tullow Oil’s profits surged last year thanks to the ramp up of a major new field in Ghana and the buoyant price of crude, allowing the company to announce a doubling of its dividend yesterday. Tullow said pre-tax profits rose 499 per cent to $1.07bn (£683m) in 2011, on sales revenues up 111 [...]
BEST OF THE BROKERS March 14, 2012 G4S Exane BNP Paribas downgraded G4S from “outperform” to “neutral” after the security group posted a drop in annual profits. Exane said the results, which included a £50m cost from last year’s failed merger with Danish catering firm ISS, were “uninspiring”. It held the target price at 305p but highlighted a “loss of management credibility” [...]
CITY MOVES | WHO’S SWITCHING JOBS March 14, 2012 May Gurney May Gurney, the support services business, has appointed Mark Hazlewood group finance director. He joined May Gurney in November 2010 as group corporate development director and led the successful acquisition of both Turiff and TransLinc. He has also held interim responsibility as finance director of the group’s regulated services division. Hazlewood previously worked [...]