TNT profit disappoints
TNT Express NV, the Dutch delivery that United Parcel Service Inc (UPS) is planning to buy, reported third-quarter profit that missed analyst estimates as trade from Asia slowed. Net income rose to 9 million euros (US$11.6 million) from 5 million euros a year earlier, Hoofddorp, Netherlands-based TNT said in a statement yesterday. TNT Express, which agreed in March to be taken over by Atlanta-based UPS for 5.16 billion euros, said it expected the deal to be completed early next year, as the delivery services await antitrust approval from the EU.
Nomura back in the black
Japan’s top brokerage Nomura Holdings yesterday said that it swung to a profit in its fiscal second quarter, reversing a year-earlier loss thanks to solid gains in its trading business. However, the figure fell well short of expectations as Nomura, which is trying to move on from an embarrassing insider trading scandal, retools its operations in a bid to cut US$1 billion in costs.
For the July-to-September quarter, the company posted a net profit of ￥2.81 billion (US$35.2 million), reversing a year-ago loss of ￥46.1 billion. Revenue was ￥461.23 billion, up 22 percent from a year ago, Nomura said.
Renesas losses expand
Renesas Electronics yesterday reported a fiscal second-quarter loss of US$1.18 billion owing to huge restructuring costs at the troubled Japanese microchip maker. The company, a major supplier of microcontrollers used in automobiles, said it lost ￥94.3 billion in the three months to September, compared with a loss of ￥8.8 billion in the same quarter a year ago. Revenue was down 8.5 percent at ￥222.8 billion, it said. Renesas kept unchanged its forecast of a net loss of ￥150 billion, an operating profit of ￥21 billion and sales of ￥868 billion in the full year to March.
Chevron Indonesia expands
Chevron Corp’s Indonesian unit, the nation’s largest producer of crude, has started a US$500 million expansion project at Sumatra’s Duri field. At peak production, the project at North Duri Development Area 13 is forecast to add 17,000 barrels a day to production, PT Chevron Pacific Indonesia said in an e-mailed statement yesterday. A Chevron spokesman in Singapore confirmed the news.
Sinopec profit slides 9.4%
China’s Sinopec Corp (中國石化) said late on Sunday that third-quarter profit fell 9.4 percent to 18.3 million yuan (US$2.9 million), or earnings per share of 0.2 yuan, as declining output at its chemicals business outweighed fuel price hikes. The company, also known as China Petroleum and Chemical Corp, is Asia’s biggest refiner by volume and one of China’s three major state-owned oil companies. It said ethylene production fell 4.5 percent to 7.02 million tonnes. Synthetic resin output shrank 1.1 percent to 9.96 million tonnes.
MAN suspends production
MAN, the truck-making arm of German auto giant Volkswagen, said on Sunday it was halting production at two sites and sending 15,000 staff home next week as it battles falling profits. A spokesman confirmed that two German plants, one in Munich and another in Salzgitter, would shut their doors and the staff would be forced to take leave from yesterday to Friday.