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Talanx says Q1 profits down, confirms targets

Agence France-PresseMay 15, 2013 07:31
Talanx, Germany's third-biggest insurer, said Wednesday its net profit slipped in the first quarter, hit by falling investment earnings, but it would stick to its full-year targets. Talanx said in a statement its net profit was down by 1.0 percent at 203 million euros ($262 million) in the period from January to March. Operating profit, as measured by earnings before interest and tax (EBIT), declined by 4.0 percent to 516 million euros, despite an 11-percent increase in gross premiums to 8.46 billion euros.

Santander misses expectations; Latam weighs

April 25, 2013 02:30
By Sarah White MADRID (Reuters) - The euro zone's largest bank Santander <SAN.MC> missed expectations on Thursday with a near 26 percent fall in first quarter net profit on the back of shrinking income from South America and Britain. Spain's largest lender, which makes about half of its earnings from South America, posted net profit of 1.205 billion euros, below the average estimate of 1.3 billion euros in a Reuters poll.

Volkswagen sustains 38% drop in profit in Q1

Agence France-PresseApril 24, 2013 06:31
Volkswagen, Europe's biggest carmaker, said Wednesday its net profit skidded sharply lower in the first three months of the current year as a result of the "difficult market environment". VW said in a statement that its net profit slumped by 38.2 percent to 1.946 billion euros ($2.5 billion) in the period from January to March. Operating profit fell by 26 percent to 2.344 billion euros on a 1.6-percent decline in revenues to 46.565 billion euros. Customer deliveries, on the other hand, were up 4.8 percent at 2.314 million vehicles worldwide.

Caterpillar reports 45 pct profit drop, lowers guidance

Agencia EFEApril 22, 2013 16:32
New York, Apr 22 (EFE).- Heavy-equipment maker Caterpillar Inc. said Monday it earned a net profit of $880 million in the first quarter, down 45 percent from the same period in 2012, when it posted a net profit of $1.58 billion. Revenues totaled $13.21 billion in the period, down 17 percent from the $15.98 billion in sales posted in the first quarter of 2012, Caterpillar said in a statement. Profit per share in the first quarter came in at $1.31, down from the $2.37 per share in net profit reported during the same period in 2012.

Commerzbank sees Q1 net loss due to restructuring costs

Agence France-PresseApril 19, 2013 05:00
Germany's second-biggest bank Commerzbank said Friday that restructuring costs likely pushed it into the red in the first three months of this year. "Commerzbank started solidly in the first three months of 2013 in operational terms," the group said in a statement released at its annual shareholders meeting.

Germany's Metro profits hit by one-off charges

March 20, 2013 04:15
German retail giant Metro said Wednesday profits were hit by one-off restructuring charges and portfolio changes last year, but it is pencilling in "moderate" sales growth this year. Metro said in a statement that its bottom-line net profit tumbled to 3.0 million euros ($3.7 million) in 2012, down from 631 million euros a year earlier. "High one-off expenses ... have impacted earnings in 2012," said chief executive Olaf Koch.

Cairn Energy posts slumping 2012 net profits

March 19, 2013 06:17
British oil and gas explorer Cairn Energy said on Tuesday that net profits slumped last year as income from oil output fell sharply after the group slashed its stake in Cairn India. Edinburgh-based Cairn said in a statement that earnings after taxation sank to $72.6 million (56.1 million euros) in 2012. That compared with a far larger net profit of $4.1 billion in 2011 following the agreed sale of the majority of its Indian division to Vedanta Resources.

Allianz eyes stable or slightly higher 2013 net profit

March 15, 2013 05:30
German insurance giant Allianz expects its net profit to be stable or slightly higher this year as well as in 2014, according to its annual report published Friday. The group also said it expected 2014 operating profit to improve compared with 2013, when it is due to reach around 9.2 billion euros ($11.9 billion). Announcing its annual results last month, the group had only expressed cautious optimism for 2013 and had forecast an annual operating profit of between 8.7 and 9.7 billion euros.

RWE says net profits down 28% in 2012

March 5, 2013 04:00
German power giant RWE said Tuesday its net profit dropped 28 percent in 2012 and it expects earnings to decline "significantly" in coming years due to changes in the European energy market. RWE said in a statement its bottom-line net profit fell by 27.7 percent to 1.306 billion euros ($1.7 billion) last year. By contrast, underlying or operating profit increased by 10.4 percent to 6.416 billion euros on a 3.0-percent rise in revenues to 53.227 billion euros.

Air Berlin flies back into profit

February 22, 2013 03:15
Germany's second-largest airline Air Berlin said Friday that it posted a profit last year for the first time in five years thanks to cost-cutting measures. Air Berlin said in a statement it booked a net profit of 6.8 million euros ($9.0 million) in 2012 compared with a loss of 420.4 million euros a year earlier. At an underlying level, too, the carrier flew back into the black, with operating profit before interest and tax (EBIT) amounting to 70.2 million euros compared with a year-earlier loss of 247 million euros.
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