Troubled retailer, J. C. Penney has said that it has recorded a better than expected results during the fourth quarter as it recorded a small profit during the period.
The company is in between a turnaround and the better than expected results might be able to convince some investors that the retailer might be able to revive its business. The department store retailer recorded a small profit in the fourth quarter compared to a huge loss recorded in the same quarter of the previous year.
Fairtrade has said that it has recorded a rise of 14 per cent in sales of Fairtrade products in the UK market to the level of 1.78 billion.
The Fairtrade Foundation said before the fortnight of events to promote the products and benefits of buying the fair products. Fairtrade Fortnight has launched a campaign to highlight the low cost of bananas in UK supermarkets. It said that the banana price war might force farmers in developing countries to go out of business.
Banking giant, HSBC has said that its profits are expected to rise to about $24 billion for 2013 as it implemented a cost cutting programme.
Under the cost cutting plan, the company is aiming to revive business by reducing costs across functions. Chief Executive Stuart Gulliver has sold or closed 60 businesses, cut 40,000 jobs and aimed at cutting costs across the global organisation during the previous three years.
Washington, Feb 21 : Hewlett-Packard has reportedly surpassed its expected first quarter earnings and revenue as the PC business delivered sales growth amid enterprise demand.
The company's first quarter earnings reached 1.4 billion dollars or 74 cents a share, on revenue of 28.2 billion dollars, against Wall Street's prediction of 84 cents a share on revenue of $27.2 billion.
According to Cnet, on a constant currency basis, HP's revenue was up slightly, while non-GAAP earnings for the first quarter were 90 cents a share.
Intensifying its focus on London, Indian developer Lodha Group bought a second prime property in the city for £90 million (around Rs 920 crore) from West End of London Property Unit Trust.
Mumbai-based Lodha Group said it bought a property called New Court, which is situated on Carey Street, next to the London School of Economics & Political Science and the Royal Courts of Justice.
The total land area is 1.15 acres with a sale-able area of around two lakh square feet.
IHG, which owns InterContinental, Crowne Plaza and Holiday Inn brands, has said that it has recorded a 10 per cent rise in pre-tax profits to the level of $US600 million.
The company said that profit after tax fell to the level of 31 per cent to $US372 million or about $A413.26 million compared to the previous year. IHG said that its revenues recorded an increase 4.0 per cent to $US1.9 billion in 2013 while revenue per available room rose to 3.8 per cent.
Abu Dhabi, Feb 18 : The United Arab Emirates (UAE)-based low cost carrier Air Arabia has announced a net profit of 435 million dirhams (around $118.4 million) for 2013, an increase of two percent compared to the same period in 2012.
Turnover for the full year ending Dec 31, 2013, stood at 3.2 billion dirhams, up 14 percent compared to the same period in 2012.
"Air Arabia has enjoyed consistent and sustained growth since launching operations back in October 2003, and our performance in the year of our tenth anniversary was no exception," Sheikh Abdullah bin Mohammad Al Thani, chairman of Air Arabia, said in a statement Monday
Centrica, a leading gas provider in the UK, is set to announce its annual results at a time when the energy firms in the UK are facing pressure over high margins.
Experts have said that the group might record an increase of 5.5 per cent to £18.8 billion during the previous year. They expect the underlying pre-tax profits to rise 9 per cent to the level of £1.8 billion. The firm is facing criticism for earning large margins from customers while households face pressure on bills.
Mahindra & Mahindra (M&M), the biggest utility vehicle manufacturer of India, on Friday reported a 12 per cent year-on-year rise in standalone net profit for the quarter ended December 31, 2013.
Net profit at its wholly-owned subsidiary Mahindra Vehicle Manufacturers Ltd (MVML) grew 9.3 per cent to Rs 1,000 crore in the October-December quarter of current financial year.
Hit hard by a one-off loss, Indian real estate developer DLF Ltd on Friday reported a decline of 49 per cent in its quarterly net profit.
The country's biggest real estate developer said in a statement that its consolidated net profit slipped to Rs 1.45 billion in the October-December quarter of current fiscal, from Rs 2.85 billion in the corresponding quarter of the previous fiscal.
The third quarter results included an exceptional charge of Rs 4.11 billion over a 'foreseeable loss' on account of a settlement of a dispute with the Delhi Development Authority (DDA) over a real estate project.
Mumbai, Feb 14 : The country's largest lender State Bank of India (SBI) Friday reported 34 percent slump in its net profit for the third quarter of the current financial year.
The bank posted a net profit of Rs. 2,234.34 crore for the quarter ended Dec 31, 2013 as compared to Rs. 3,396.06 crore posted in the corresponding quarter of last year, registering a decline of 34.20 percent.
SBI's non-performing loans or bad loan as proportion of total assets rose to 5.7 percent during the quarter under review as compared to 5.6 percent posted in the previous quarter.
Despite heavy burden of subsidy, Oil & Natural Gas Corp (ONGC) on Thursday reported an impressive increase in its quarterly net profit as rupee depreciation helped it realize more revenues.
The state-run energy giant announced that its net profit increased 28 per cent year-on-year to Rs 7,126 crore in the October-December quarter of 2013. In the October-December quarter of 2012, the company had pocketed a net profit of Rs 5,563 crore.
New Delhi, Feb 13 : State-run Indian Oil Corp (IOC) Thursday posted a net loss of Rs. 961.45 crore in the third quarter ending December owing to lower subsidy payment by the government on the sale of petroleum products.
"The company posted losses mainly on account of higher absorption of under recoveries on sale of sensitive petroleum products," IOC chairman R. S. Butola said here announcing the results.
Stock in Cipla Ltd plunged more than 5 per cent in morning trade on Thursday after the drug giant announced that it suffered a decline of 16.5 per cent profit in the three months ended December 31, 2013.
Cipla announced that its net profit slipped to Rs 284.31 crore in thee October-December quarter of current financial year, from Rs 340.31 crore in the corresponding quarter of the previous financial year.
Chinese tech giant Lenovo on Wednesday reported better-than-expected profit for quarter ended December 31, thanks to strong sales in both its personal computer (PC) and smartphone businesses.
The Beijing-based company reported an increase of 29 per cent in net income, from $204.9 million in the October-December quarter of 2012 to $265.3 million in the October-December quarter of 2013.
The third-quarter profit figure reported by the company is well above analysts' $247.2 million consensus forecast.
Ajay Piramal-controlled Piramal Enterprises and CPPIB Credit Investments on Wednesday announced the launch of $500 million (Rs 3,100 crore) realty fund in India.
CPPIB Credit Investments is the wholly-owned subsidiary of Canada Pension Plan Investment Board; while Piramal Enterprises is already well-known for its investments in diverse businesses, including telecommunications giant Vodafone.
Each of the two investors will contribute $250 million to the fund that will provide debt financing to residential real estate projects across India.
UK's banking giant, Barclays bank has said that it has earned a profit of £5.2 billion during the previous year even as it was affected by a financial scandal.
Barclays announced its financial results a day earlier than planned as it revealed figures in the financial diary of business newspaper. Barclays, which will publish its full annual results as scheduled today, might face criticism as the results were announced just a day after it was known that thousands of confidential customer files were stolen.
Power utility CESC Ltd on Friday reported a year-on-year rise of 5.94 per cent in net profit to Rs 107 crore for the three-month period ended December 31, 2013.
Net sales jumped 16.05 per cent to Rs 1,186 crore in the October-December quarter of 2013, from Rs 1,022 crore in the corresponding period of the previous year.
Average peak load factor jumped 1.8 per cent to 92.7 per cent during the quarter under review.
Cement giant Ambuja reported a marginal fall in net profit for the year ended December 2013, despite an impressive quarter-on-quarter increase in December quarter net profit.
Ambuja Cements announced that its net profit increased 49.31 per cent to Rs 316.50 crore in the October to December quarter of 2013, but net profit in the twelve months through December 31 slipped 0.19 per cent to Rs 1294.57 crore.
Washington, Feb 7 : LinkedIn has reported revenues worth 447.2 million dollars and non-GAAP earnings per share of 0.39 dollar during Q-4'13.
The company had predicted that its revenue for the period would be between 415 million dollars and 420 million dollars.
While LinkedIn gained more than 4 percent in regular trading, its shares fell in after-hours trading over growth concerns , Tech Crunch reported.
Meanwhile, LinkedIn called its results "solid" and boasted of now having 277 million members. (ANI)