VOLKSWAGEN PROFIT SLUMPS 86% AS CRISIS BITES
Volkswagen says 3Q net profit is down 86% on the year to EUR172 million as the auto market downturn takes its toll, but confirms that it still expects to fare better than its rivals and gain market share during the crisis.
MAN NET TANKS 99% AS TRUCK MARKET CRASHES
German truck maker and engineering company MAN SE (MAN.XE) Thursday scraped third-quarter net profit of EUR4 million, reflecting the steep downturn in the truck market, but said commercial vehicle sales are stabilizing at a low level.
CONTINENTAL POSTS EUR1.04B LOSS ON IMPAIRMENT CHARGE
German auto-parts and tire maker Continental AG (CON.XE) said Thursday it swung to a EUR1.04 billion net loss in the third quarter, largely due to an EUR876 million impairment charge related to the acquisition of Siemens AG's (SI) former VDO unit, but it offered an optimistic outlook.
SHELL SKIDS ON WEAK OIL PRICE
Royal Dutch Shell shares fall 3.4% after the company posts a 67.6% fall in adjusted 3Q profit on lower oil and gas prices, disappointing analysts by failing to beat modest expectations.
ICBC PROFIT RISES 19% TO $4.9B
Industrial & Commercial Bank of China, the world's largest lender by market value, reports a bigger-than-expected 19% rise in 3Q net profit due to strong lending growth.
CHINA COMMERCIAL BANKS CUT BAD LOANS
China's commercial banks cut their nonperforming loan ratio to 1.66% at the end of September, from 2.42% at the end of last year, the country's banking regulator said Thursday.
AETNA PROFIT UP 18% ON 2008 INVEST LOSSES
Company's 3Q earnings rise to $326.2 million, or 73¢ a share, ahead of analysts' expectations for 66¢ a share on improved valuations in its investment portfolio, while rising numbers of Cobra users and costs related to the H1N1 flu hurt margins at its commercial plans and it lost members sequentially.
AXA REVENUE DOWN ON US, UK SLOWDOWN
French insurance company Axa says revenue in the first nine months is down 2% as slowing sales in its U.S. and U.K. markets counter a positive performance in France, Italy and Germany.
AEGON TO REPAY EUR1 BILLION TO DUTCH STATE
Dutch insurer Aegon becomes the latest European financial business to detail plans to reimburse state funds, saying that by Nov. 30 it will repay EUR1 billion of a total EUR3 billion it received at the height of the financial crisis.
FRANCE TEL UNDER PRESSURE, CONFIRMS OUTLOOK
France Telecom says 3Q earnings before interest, taxes, depreciation and amortization fall 8% as the economic crisis and regulatory pressures weigh on revenue, but it confirms its full-year and medium-term financial targets.
BASF PROFIT DOWN SHARPLY ON LOWER SALES
German chemicals company BASF says 3Q net profit is down 69% on lower sales of chemicals and plastics and restructuring charges related to the accelerated integration of Ciba.
SOLVAY PROFIT QUADRUPLES, CONFIRMS OUTLOOK
Belgian chemical company Solvay SA (SOLB.BT) Thursday said its third-quarter net profit almost quadrupled on the year due to a writedown which lowered figures in the year-earlier period, and confirmed its full-year operating result will be lower than 2008.
DEUTSCHE BANK PROFIT TRIPLES ON TAX BENEFITS
Germany's Deutsche Bank confirms that net profit for 3Q more than triples from the year before, largely as the result of tax benefits, trading revenue from its stronger market share, and rising customer demand.
STANDARD CHARTERED SEES GOOD PROGRESS IN 3Q
Standard Chartered says it continues to see a strong performance in its wholesale banking business in 3Q, while loan impairment charges in its consumer business are lower than expected.
ALSTOM PROFIT UP, CONFIRMS GUIDANCE
French power-station equipment and train maker Alstom says its fiscal 1H net profit rose 6.6% as it worked through its backlog and cut costs. It confirms guidance for operating profit to be around 9% of sales in March 2010.
ENI PROFIT HALVES TO EUR1.24B ON LOWER OUTPUT
Eni SpA (E), Italy's biggest oil and natural gas company by volume, Thursday said third-quarter net profit more than halved on the year as crude prices and hydrocarbon output fell, and lowered its 2009 average hydrocarbon production forecast.