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China's BYD H1 profit triples as deliveries break record
  + stars: | 2023-08-28 | by ( ) www.reuters.com   time to read: +3 min
Net earnings for the six-months ending June 30 reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue to 260.12 billion yuan, BYD said in a stock market filing. The company posted a 6.82 billion yuan net profit for the April-June quarter, up 144.7%, a Reuters calculation showed. The Q2 earnings, the second highest quarterly number, was within BYD's net profit forecast of between 6.37 billion yuan and 7.57 billion yuan. Buoyed by its Dynasty and Ocean series of plug-in petrol-electric hybrids cars and battery-only electric vehicles (EV), BYD set a monthly sales record in July after deliveries hit 700,244 vehicles in the second quarter. Tesla recorded a decline in quarterly automotive gross margin in the second quarter, prioritising sales over earnings.
Persons: Aly, BYD, Warren Buffett's Berkshire Hathaway, Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Mike Harrison Organizations: Security, Auto, REUTERS, Rights, Volkswagen, Inc, U.S, EV, Tesla, BYD, China Association of Automobile Manufacturers, Reuters, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, Shenzhen, Singapore, Australia
China's BYD H1 profit rises 204.7% as deliveries break record
  + stars: | 2023-08-28 | by ( ) www.reuters.com   time to read: 1 min
FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo Acquire Licensing RightsBEIJING, Aug 28 (Reuters) - China's BYD Co Ltd (002594.SZ), on Monday said first-half profit jumped 204.7% as the new energy vehicle maker broke its delivery record and retained its crown as China's biggest-selling auto brand. January-June net earnings reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue at 260.12 billion yuan, BYD said in a stock market filing. ($1 = 7.2928 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Louise Heavens Organizations: Security, Auto, REUTERS, Rights, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING
China Evergrande H1 net loss narrows to $4.5 bln
  + stars: | 2023-08-27 | by ( ) www.reuters.com   time to read: +1 min
A traffic light is seen near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Aug 27 (Reuters) - Property developer China Evergrande Group (3333.HK) on Sunday reported a January-June net loss of 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year ago. The world's most indebted developer posted a combined net loss of $81 billion for 2021 and 2022 in a long-overdue earnings report last month, having posted an 8.1 billion yuan profit in 2020. Over that two-year period, revenue dropped 55% to 230.1 billion yuan. Liabilities reached 2.4 trillion yuan, up 23%, while its assets were worth 1.8 trillion yuan, down 20%.
Persons: Aly, HONG KONG, Evergrande, Clare Jim, Christopher Cushing, Hugh Lawson Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Sunday, Thomson Locations: China, Shenzhen, Guangdong province, HONG, China's, Hong Kong
ZURICH, Aug 24 (Reuters) - SoftwareOne (SWON.S) reiterated its full-year guidance on Thursday and said a strategic review to maximise shareholder value remains ongoing, as it reported a 1.7% drop in adjusted earnings before interest, depreciation and amortisation (EBITDA) for the first half of 2023. The Swiss software provider, which went public in 2019 and has been recently eyed by Bain Capital for takeover, reported half-year adjusted EBITDA of 111.7 million Swiss francs ($127.41 million). ($1 = 0.8767 Swiss francs)Reporting by Brenna Hughes Neghaiwi, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.
Persons: Brenna Hughes, Friederike Heine Our Organizations: Bain Capital, Thomson Locations: ZURICH, Swiss
China Construction Bank H1 profit up 3.36%
  + stars: | 2023-08-23 | by ( ) www.reuters.com   time to read: +1 min
China Construction Bank Corp (CCB) logo is seen on its headquarters in Beijing, China, March 31, 2016. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsSummaryCompanies H1 net profit 167.34 bln yuan vs 161.9 bln year agoNIM 1.79% end-June vs 1.83% end-MarchNPL ratio 1.37% end-June vs 1.38% end-MarchBEIJING/SHANGHAI, Aug 23 (Reuters) - China Construction Bank Corp (CCB)(601939.SS), the first of the country's Big Five lenders to report half-year results this week, posted a 3.36% rise in first-half net profit on Wednesday. China's second-biggest lender by assets saw profits rise to 167.34 billion yuan ($22.95 billion), a filing by the bank showed. The bank said it will continue to fulfill the responsibilities of a major state bank and provide strong financial support for the real economy for the rest of this year. ($1 = 7.2901 Chinese yuan renminbi)Reporting by Ziyi Tang and Engen Tham; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
Persons: Kim Kyung, China's, CCB, CCB's, Ziyi Tang, Engen, Jason Neely Organizations: China Construction Bank Corp, REUTERS, Thomson Locations: China, Beijing, BEIJING, SHANGHAI
It's no secret that market leadership has become more concentrated over the years, but this is ridiculous. That one company is Microsoft , the behemoth with the $2.35 trillion market cap and, it seems, a position in the driver's seat on where the market goes next. In his weekly breakdown of money flows through the financial markets, BofA investment strategist Michael Hartnett said Microsoft needs to reassert itself or face dragging down the rest of the stock market. MSFT YTD line Microsoft as market leader That's why it holds such a pivotal position in determining how things go from here. Harnett noted that the equity put/call ratio has hit its highest point since the collapse of Silicon Valley Bank in March, "a bad sign if stocks can't hold hold here."
Persons: Michael Hartnett, Hartnett, That's, Yul Brynner, Brynner, Chris Adams, gunfighters, Harnett, swoon Organizations: Bank of America, Microsoft, Dow Jones, Silicon Valley Bank Locations: Thursday's, Silicon
LONDON, Aug 15 (Reuters) - Legal & General (LGEN.L) reported a forecast-beating operating profit of 941 million pounds ($1.20 billion) in the first half on Tuesday, boosted by its bulk annuity business, and said it was on track to meet its five-year ambitions. Analysts in a company-compiled consensus poll had forecast operating profit for the British life insurer and asset manager of 834 million pounds. Operating profit fell nearly 2% from a year earlier but analysts at Jefferies said they expected the results to be "well received" on Tuesday. British specialist insurer Just Group (JUSTJ.L) reported a 154% jump in first-half profit on Tuesday, also beating market estimates, boosted by bumper sales of its retirement income products and higher new business income. ($1 = 0.7868 pounds)Reporting by Carolyn Cohn in London and Eva Mathews in Bengaluru, editing by Sinead CruiseOur Standards: The Thomson Reuters Trust Principles.
Persons: Nigel Wilson, Jefferies, Carolyn Cohn, Eva Mathews, Sinead Cruise Organizations: General Investment Management, Thomson Locations: London, Bengaluru
"Bear positioning strong tailwind for risk assets in H1…not the case in H2," Hartnett wrote in a summary of the closely watched survey. Cash allocations have dropped to 4.8% of portfolios, below the 5% dividing line that has traditionally been a buy signal. Even if there is a recession, managers expect it to be mild, with 65% expecting a "soft landing." Allocation to stocks is the least underweight as a share of portfolios since April 2022 and up 13 percentage points from July. The survey was taken Aug. 4-10 and entailed 247 panelists with $635 billion in assets under management.
Persons: Michael Hartnett, Hartnett, REITs, Lehman Organizations: Bank of America, Survey, FMS
Containers of the Hapag-Lloyd shipping company are pictured at the Valparaiso port, Chile November 24, 2022. Chief Executive Rolf Habben Jansen said there were signs of recovery in spot freight rates and loadings. Shares in Hapag-Lloyd, the world's fifth-largest shipping line, were 2.9% down at 187.5 euros in early trade. Its first half revenues were 41% lower at 10.0 billion euros. EBITDA is expected to be between 4 billion and 6 billion euros.
Persons: Rodrigo Garrido, EBIT, Lloyd, Rolf Habben Jansen, Vera Eckert, Friederike Heine, Kim Coghill, Barbara Lewis Organizations: Lloyd, REUTERS, Companies, Maersk, CMA CGM, Reuters, Thomson Locations: Valparaiso, Chile, FRANKFURT, Hapag, North America, Ukraine
The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. For the first half ended June 30, the company estimates its net loss between 45 billion yuan ($6.24 billion) and 55 billion yuan, it said in its preliminary report. This compares with a net profit of 1.91 billion yuan a year earlier. It achieved attributable sales of 140.8 billion yuan from January to July 2023, down 35% from a year ago. ($1 = 7.2068 Chinese yuan renminbi)Reporting by Roushni Nair in Bengaluru; Editing by Shweta Agarwal and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly Song, Yang Huiyan, Roushni Nair, Shweta Agarwal, Shailesh Organizations: Shanghai Country Garden, REUTERS, HK, Thomson Locations: Shanghai, China, Bengaluru
Up from $48 billion in the same period a year earlier, the losses were the second highest since 2011, spurred by $34 billion in losses tied to the U.S. storms, the highest ever for a six-month period. Globally, severe convective storms, which can include thunder, lightening, heavy rain, strong winds and sudden changes in temperature caused losses of $35 billion, Swiss Re said. "With severe thunderstorms as the main driver for above-average insured losses in the first half of 2023, this secondary peril becomes one of the dominant global drivers of insured losses," Martin Bertogg, Head of Catastrophe Perils at Swiss Re, said. "The above‑average losses reaffirm a 5–7% annual growth trend in insured losses, driven by a warming climate but even more so, by rapidly growing economic values in urbanized settings, globally." During the same period, overall economic losses - which includes damage that is not insured - were $120 billion, down slightly from $123 billion in the prior-year period, but 46% above the 10-year average, Swiss Re said.
Persons: Greenlee Beal, Martin Bertogg, Simon Jessop, Kirsten Donovan Organizations: REUTERS, Global, reinsurer Swiss, Swiss Re, Swiss, Thomson Locations: Texas, San Antonio , Texas, U.S, United States
The Berlin-based company expects total segment revenue to grow around 15% this year, compared with its previous guidance for growth of around 10% in constant currency terms. The company confirmed its outlook for adjusted core profit (EBITDA) margin on gross merchandise value (GMV) of over 0.5% for the year. Revenue rose 16% in constant currency to 2.58 billion euros in the second quarter, slightly above a consensus estimate of 2.50 billion euros. Overall GMV increased 8% in constant currency to 11.08 billion euros in the quarter, exceeding analysts' estimate of 10.96 billion euros. The group's Asia segment, including its core market South Korea, returned to positive GMV growth of 2% in constant currency.
Persons: Emmanuel Thomassin, Niklas Oestberg, Linda Pasquini, Anna Mackenzie, Himani Sarkar, Conor Humphries, Jonathan Oatis Organizations: Thomson Locations: Asia, Berlin, South Korea, Vietnam, Thailand, Korea, Gdansk
Chinese banks are estimated to have issued 800 billion yuan ($110.98 billion) in net new yuan loans last month, down sharply from 3.05 trillion yuan in June, according to the median estimate in the survey of 29 economists. But the expected new loans would be higher than the 679 billion yuan issued in the same month a year earlier. Chinese banks doled out 15.73 trillion yuan in new loans in the first six months of this year, the highest first-half number on record, central bank data showed. Outstanding yuan loans were expected to grow by 11.3% in July from a year earlier, the same as in June, the poll showed. In July, TSF is expected to fall sharply to 1.10 trillion yuan from 4.22 trillion yuan in June.
Persons: Kim Kyung, TSF, Judy Hua, Kevin Yao, Conor Humphries Organizations: REUTERS, Thomson Locations: Beijing, China, BEIJING
HONG KONG, Aug 9 (Reuters) - Cathay Pacific Airways (0293.HK) reported on Wednesday its best first-half profit in more than a decade and announced plans to order more planes and repay a Hong Kong government rescue package after a major turnaround in travel demand. Cathay has recovered capacity more slowly than its closest rival, Singapore Airlines, (SIAL.SI) because it faced tighter quarantine rules for longer, and needed to train more staff and bring back grounded planes. The Hong Kong carrier expects to reach 70% of its pre-pandemic capacity by the end of the year and 100% by the end of 2024. Cathay said it intended to exercise purchase rights to buy 32 Airbus (AIR.PA) A320neo family aircraft, looking to add to its fleet as demand rebounds. ($1 = 7.8151 Hong Kong dollars)Reporting by Clare Jim and Donny Kwok; Editing by Jamie Freed and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.
Persons: Hong, Patrick Healy, Clare Jim, Donny Kwok, Jamie Freed, Gerry Doyle Organizations: Cathay Pacific Airways, HK, Hong, Cathay, Singapore Airlines, Hong Kong, Airbus, Swire Pacific, Thomson Locations: HONG KONG, Hong Kong, Hong, Air China
HSBC (0005.HK) raised its near-term return on tangible equity goal to at least mid-teens for 2023 and 2024, from a previous target of at least 12% from 2023 onwards. It reported return on tangible equity of 9.9% for 2022. That reflected an environment where rising interest rates around the world are boosting lending income, while a global deal drought and volatile markets suppress revenues from investment banking and trading. The lender lifted its forecast for net interest income this year to be above $35 billion instead of $34 billion, although some analysts had looked for an upgrade nearer to $36 billion. ($1 = 7.7969 Hong Kong dollars)Reporting by Selena Li and Lawrence White; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.
Persons: Noel Quinn, Quinn, Selena Li, Lawrence White, Himani Sarkar Organizations: HSBC, Hong, HSBC Holdings, HK, Nationwide, Reuters, Sohar International Bank, Thomson Locations: Hong Kong, HONG KONG, London, Britain, China, Asia, Oman, Russia, New Zealand
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVery possible we could have a painful drawdown in H1 '24, says Fundstrat's Tom LeeTom Lee, Fundstrat Global Advisors co-founder, joins 'Squawk Box' joins 'Squawk on the Street' to discuss why August could be tricky for markets, whether Lee's worried about market bullishness, and more.
Persons: Tom Lee Tom Lee, Lee's Organizations: Fundstrat Global Advisors
The Italian brand, a subsidiary of Germany's Volkswagen (VOWG_p.DE), sold 5,341 cars between January and June, up 4.9% on the same period last year. Chairman and CEO Stephan Winkelmann said it was not easy to make forecasts due to market uncertainties, including with raw materials, but added that selling 10,000 cars this year was a "feasible goal". Rival Ferrari (RACE.MI), whose headquarters is less than 40 kms (25 miles) away, shipped more than 13,200 cars last year. Lamborghini is investing 1.9 billion euros to 2027 in its shift to hybrid and electric cars, but further investments are expected. The line-up is set to become all hybrid next year with the new Urus and a new sports car replacing the Huracan.
Persons: Stephan Winkelmann, Winkelmann, Ferrari, Lamborghini, Giulio Piovaccari, Mark Potter Organizations: EMEA, Lamborghini, Germany's Volkswagen, Huracan, Ferrari, Thomson Locations: U.S, H1 MILAN, United States, Europe
Eurobank posts lower H1 profit due to higher provisions
  + stars: | 2023-07-31 | by ( ) www.reuters.com   time to read: +1 min
ATHENS, July 31 (Reuters) - Eurobank (EURBr.AT), Greece's largest lender by market value, on Monday reported a lower net profit in the first half of the year, due to higher provisions. The bank reported net earnings of 684 million euros in the first half of 2023 from 941 million in the same period in 2022. Greek banks have cut their bad loan ratios to below 8% in 2022 from 45% in 2016 but still remain above euro zone peers. Eurobank's Non Performing Exposure ratio fell to 5.2% at the end of June, from 5.9% a year ago. Despite the fall in profit the bank's net interest income grew by 56.2% year on year in the January to June period to 1.04 billion euros, driven by higher interest rates, growing lending and its international business.
Persons: David Evanse Organizations: Athens, Thomson Locations: ATHENS
ROME, July 28 (Reuters) - Italy's state-controlled defence and aerospace group Leonardo (LDOF.MI) needs to focus on the fast-growing cybersecurity and space sectors to keep up with industry trends, its new CEO said on Friday. "Defence is increasingly made with bytes and data, instead of bullets," Cingolani said during a call with analysts, announcing a new industrial plan that will be unveiled in early 2024. In the first half of 2023, Leonardo's new orders rose to almost 8.7 billion euros ($9.60 billion), up 18.9% year-on-year, while group net debt fell to 3.6 billion euros from 4.8 billion euros in the first half of last year. H1 revenues were up 4.8% to just under 6.9 billion euros, while earnings before interest, taxes depreciation and amortisation (EBITDA) rose by 3.5% to 703 million euros. Leonardo's confirmed guidance for 2023 includes a forecast for new orders at around 17 billion euros, revenues in the 15-15.6 billion euro range, EBITA at 1.26-1.31 billion euros and group net debt of about 2.6 billion euros.
Persons: Leonardo, Roberto Cingolani, Cingolani, Leonardo's, Alvise Armellini, Gavin Jones, Deepa Babington Organizations: Defence, Thomson Locations: Ukraine, Italy, Britain, Japan, Leonardo's Milan
The loss was a result of the closure of its Russian operations in the wake of Moscow's invasion of Ukraine. The previous margin record was set in the second-half of 2017, when it stood at 7%. Renault aims to reach an 8% margin by 2025 and 10% by 2030. The French carmaker on Wednesday agreed with Nissan (7201.T) on a new structure for their decades-old partnership. The Japanese group will invest up to $663 million in Renault's planned electric unit Ampere, while the French carmaker will reduce its Nissan stake to put their relationship on equal footing.
Persons: Luca de Meo, Victor Goury, Gilles Guillaume, Kirsti Knolle, Sharon Singleton Organizations: Renault, TECH Electric, Peugeot, Citroen, Nissan, Volkswagen, Thomson Locations: Dacia, Ukraine, French
"Production cuts across the industry are likely to continue in the second half, and demand is expected to gradually recover as clients continue to destock their (chip) inventory," Samsung, the world's biggest memory chip maker, said in a statement. It had reported a 9.98 trillion won profit a year earlier. Samsung said it spent 14.5 trillion won in capital expenditures during the second quarter, of which 13.5 trillion won was spent on chips. Operating profit fell to 669 billion won ($527 million) in April-June, from 14.1 trillion won a year earlier. Samsung's mobile business reported a 3.04 trillion won profit in the June quarter, up from 2.62 trillion won a year earlier.
Persons: Jaejune Kim, Taiwan's TSMC, Apple's, 1,269.2200, Joyce Lee, Miyoung Kim, Jamie Freed Organizations: Samsung, SK Hynix, Samsung Electronics, South, SK Hynix's, Qualcomm, Revenue, Thomson Locations: SEOUL
EDF swings back to profit in H1 thanks to price increases
  + stars: | 2023-07-27 | by ( ) www.reuters.com   time to read: +1 min
Net income came in at 5.8 billion euros ($6.44 billion), compared to a loss of 5.3 billion in the first half of 2022. The earnings before interest, taxes, depreciation and amortization (EBITDA) reached 16.1 billion euros, from 2.7 billion euros a year earlier. Net debt rose slightly to 64.8 billion euros, from 64.5 billion euros at the end of 2022. The French state became the sole shareholder of the public utility after taking full control at the beginning of June. A government decision in 2022 to limit electricity price increases, as well as reduced power supply due to stress corrosion problems at several EDF reactors led to a record net loss of 18 billion euros in 2022.
Persons: Forrest Crellin, Benjamin Mallet, Silvia Aloisi Organizations: Electricite de, SA, PARIS, EDF, Thomson
July 27 (Reuters) - British asset manager Schroders (SDR.L) reported a drop in first-half assets under management on Thursday, due to weaker investor sentiment and market volatility. Schroders' assets under management fell to 726.1 billion pounds ($940 billion) in the six months to June 30, from 737.5 billion pounds at December-end. The company generated 5.7 billion pounds in net new business, excluding joint ventures and associates. In contrast, Jupiter Fund Management (JUP.L) jumped 14% to the top of the FTSE mid-cap (.FTMC) after it reported assets under management rose 2% to 51.4 billion pounds. The fund manager saw "small" net inflows of 23 million pounds, helped by institutional client demand.
Persons: Schroders, Calastone, Peter Harrison, Jefferies, James's, Peel Hunt, Eva Mathews, Savio D'Souza, Sinead Cruise, Sharon Singleton Organizations: Reuters, Bank of England, JPMorgan, Jupiter Fund, Peel, Thomson Locations: British, Bengaluru
Shares in the British company jumped 24% to 190 pence, the highest level since the start of the pandemic in March 2020. The company said it now expected profit this year of between 1.2 billion and 1.4 billion pounds ($1.6-1.8 billion), up from its previous guidance of between 800 million and 1 billion pounds. The market had been forecasting 934 million pounds. Chief Executive Tufan Erginbilgic, who joined the company in January, said his turnaround had started well, with progress already evident across the company. ($1 = 0.7755 pounds)Reporting by Paul Sandle and Sarah Young Editing by Kate Holton and Mark PotterOur Standards: The Thomson Reuters Trust Principles.
Persons: Tufan Erginbilgic, Bernstein, Paul Sandle, Sarah Young, Kate Holton, Mark Potter Organizations: Royce, British, Airbus, Boeing, Thomson Locations: Ukraine
MELBOURNE, July 26 (Reuters) - Rio Tinto's (RIO.L), (RIO.AX) first-half underlying earnings fell to their lowest in three years as easing iron ore prices offset an uptick in shipments from its Pilbara operations, it said on Wednesday, while also announcing a dividend cut. Rio, the world's biggest iron ore producer, was cautiously optimistic on China's economy over the rest of the year, CEO Jacob Stausholm said. Average realised prices for Pilbara iron ore slipped to $98.60 per wet metric ton in the first half, 11.1% below last year. The world's largest iron ore producer flagged a shortage of skilled workers in a tight labour market along with supply-chain issues. Additional reporting by Melanie Burton in Melbourne; Editing by Subhranshu Sahu and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.
Persons: Jacob Stausholm, Rio, Rishav Chatterjee, Archishma Iyer, Melanie Burton, Subhranshu Sahu, Christian Organizations: MELBOURNE, Alpha, Thomson Locations: Rio, Beijing, China, Pilbara, Bengaluru, Melbourne
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