Exxon profits rise as crude prices climb January 31, 2012 EXXON Mobil’s fourth-quarter profit narrowly beat Wall Street’s expectations yesterday as rising crude oil prices offset falling margins for chemicals, engine lubricants and fuel. But production of natural gas and crude oil slipped during the period. The company posted net income of $9bn (£5.6bn), or $1.97 per share, compared with $9.2bn, or $1.85 per share, [...]
Pfizer slides as patent runs out on its star drug Lipitor January 31, 2012 PFIZER yesterday reported sharply lower quarterly earnings, hurt by generic forms of its Lipitor cholesterol drug, and the firm trimmed its 2012 forecasts because of negative effects of the stronger dollar. The world’s biggest drugmaker said yesterday it had earned $1.4bn (£888m), or 19 cents per share, in the fourth quarter. That compared with $2.8bn, [...]
UPS takes hit from pensions January 31, 2012 UNITED Parcel Service posted a better-than-expected quarterly profit yesterday and forecast nine to 15 per cent growth this year, as solid US demand and growing e-commerce offset an uneven global economy. UPS said its fourth-quarter profit was down 29 per cent to $725m (£460m) as the result of a change in how the delivery company [...]
Zyprexa expiry hurts Eli Lilly January 31, 2012 ELI LILLY’S quarterly profit has dropped 27 per cent to $858.2m (£545m) after its top-selling Zyprexa schizophrenia treatment lost US patent protection and saw competition from generic rivals. The drugmaker said its revenues will drop around $3bn this year as a result of the Zyprexa loss. But it said an independent safety committee recommended continuing two [...]
Babcock says its order book is doing well January 31, 2012 BRITISH defence services firm Babcock International yesterday said it had traded strongly in its third quarter, with sales fuelled by governments outsourcing more work in a bid to save money. The company said it expected to win significant contracts in 2012 as military and engineering clients continue outsourcing work. FTSE 250-listed Babcock, which maintains Royal [...]
Xstrata in coal output surge January 31, 2012 MINER Xstrata has posted record output from its Australian thermal coal operations for 2011, boosting total coal production seven per cent, as the newly commissioned Mangoola mine helped offset a flood-hit start to the year and strikes in South Africa. Copper, however, dipped, in line with expectations and Xstrata’s peers. Copper was hit by lower [...]
Essar receives demand for $1.2bn in tax case January 31, 2012 INDIAN energy firm Essar Energy was yesterday landed with a bill for $1.235bn (£759m) in sales tax it owes to its government. The firm received a demand notice from the tax authorities following a decision by the Supreme Court of India over the repayment of deferred sales tax by its subsidiary Essar Oil. The company [...]
National Grid plans dividend increase with trading strong in quarter three January 31, 2012 NATIONAL Grid, Britain’s biggest energy distributor, said the outlook for the year remained positive after a strong operational performance in the third quarter, as it announced plans to increase dividend. “Under our new one year dividend policy, we plan to deliver nominal dividend growth of four per cent for the 2012-13 financial year, which represents [...]
Stobart’s real estate deal draws criticism from Pirc January 31, 2012 INSTITUTIONAL investor group Pirc has criticised transport firm Stobart’s plan to buy up property from a company controlled by its own directors. Pirc said shareholders should abstain from a binding vote on the deal, due on 13 February, as it presents a conflict of interest, and questions remain about how Stobart will tackle the debt [...]
VEDANTA HIT BY ZAMBIA COPPER SLIDE January 31, 2012 Miner Vedanta Resources has posted a five per cent dip in core profit its December quarter, hit by weaker performances at its aluminium and Zambian copper operations. The India-focused miner said earnings before interest, tax, depreciation and amortisation came in at $848.4m (£537m) for the third quarter, including $131m from its majority stake in Cairn [...]