Sony surprises with Q1 profit, lifts outlook

July 30, 2010 By Leave a Comment

TOKYO, July 29 (Reuters) – Sony Corp (6758.T) unexpectedly swung to a quarterly operating profit as improved demand for electronics and aggressive cost cuts countered the impact of a stronger yen and it lifted its annual forecast. Fears over the economic effects of Europe’s debt crisis are clouding the outlook for Japan’s exporters. The euro EURJPY= has fallen more than 10 percent against the yen since April 1.

Sony, the world’s second-largest camera maker after Canon Inc (7751.T) and the No. 3 maker of flatscreen TVs after Samsung Electronics (005930.KS) and LG Electronics (066570.KS) made more than 25 percent of its sales in Europe in the year to March 2010.

But Sony saw big improvements in sales of LCD TVs, PCs and Playstation 3 game consoles and game software.

For the year to March 2011, the electronics and entertainment giant lifted its operating profit outlook by 12.5 percent to 180 billion yen ($2.1 billion), compared with a consensus estimate of 152.6 billion in a poll of 22 analysts by Thomson Reuters I/B/E/S.

The company reported April-June operating profit of 67 billion yen versus a consensus forecast of a 13.1 billion yen loss in a poll of four analysts and a loss of 25.7 billion yen a year earlier.

On Wednesday, LG missed estimates with a 90 percent fall in quarterly profit, hit by falling margins in its TV business and a loss in its mobile phone division.

Sony’s mobile phone joint venture with Ericsson (ERICb.ST), Sony Ericsson, posted a second consecutive quarterly profit earlier in the month, recovering from a dismal 2009 on robust demand for smartphones.

Shares of Sony rose 0.1 percent to 2,611 yen on Thursday ahead of the announcement.

(Reporting by Isabel Reynolds; Editing by Anshuman Daga)

((isabel.reynolds@thomsonreuters.com; +813-6441-1883; Reuters Messaging isabel.reynolds.reuters.com@reuters.net))

((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))

($1=87.47 Yen) Keywords: SONY/

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Indian shares choppy; Reliance, DLF drop

July 30, 2010 By Leave a Comment

MUMBAI, July 29 (Reuters) – Indian shares were trading 0.2
percent lower on Thursday ahead of the expiry of monthly
derivatives contracts and subdued cues from Asian markets.

Energy major Reliance Industries (RELI.BO) dropped 0.5
percent after sliding 3.1 percent in the previous session, and
traders said they were cautious of the near-term trend.

“A lot of short positions are being rolled over in Reliance
Industries, indicating a bearish outlook,” said Kunal Sukhani,
manager of institutional equities at Asian Markets Securities.

The stock, which has the heaviest weight on the main BSE
index .BSESN, has come under pressure following a delay in
the company’s plan to reach full gas output from its field off
India’s east coast.

The oil secretary said late on Wednesday Reliance would be
able to pump natural gas at full capacity from its deep-sea
field during the year to March 2013, indicating a delay of
almost two years. [ID:nSGE66R0KK]

By 11:09 a.m. (0539 GMT), the 30-share BSE index was
trading down 0.2 percent at 17,921.28 points, with 19 of its
components declining.

“Market is volatile because of derivatives expiry,” said
Sukhani, referring to the monthly contracts on the National
Stock Exchange.

DLF (DLF.BO) dropped 1.4 percent after the largest listed
property developer’s 3.8 percent rise in quarterly profit
failed to cheer investors. [ID:nBMA008118]

Param Desai, a research analyst with Angel Broking, said
the profit was tad below expectation as interest and
depreciation costs weighed.

Financials were mixed as near-term monetary tightening
fears weighed, but the demand for loan outlook was seen higher
on the back of robust economic growth.

A Reuters poll showed the central bank was likely to raise
rates more aggressively in the rest of the fiscal year, after
tightening policy more than expected on Tuesday.
[ID:nBMA008098]

Top lender State Bank of India (SBI.BO) dropped 1.2 percent
while rivals ICICI Bank (ICBK.BO) and HDFC Bank (HDBK.BO) were
up 0.1 percent and 0.2 percent respectively.

Foreign funds have invested $9.2 billion in Indian equities
so far this year and has helped the benchmark index gain 2.6
percent in the period.

In the broader market, gainers and losers were almost equal
in number on volume of 113 million shares.

The 50-share NSE index .NSEI was down 0.2 percent at
5,387.25.

Elsewhere, the MSCI’s measure of Asian markets other than
Japan .MIAPJ0000PUS was barely changed while Japan’s Nikkei
.N225 was down 0.7 percent.

STOCKS ON THE MOVE

* HCL Technologies (HCLT.BO) was up 2.8 percent at 383.25
rupees after the software services firm said quarterly net
income rose marginally as demand for outsourcing increased.
[ID:nSGE66R0DZ]

* Hexaware Technologies (HEXT.BO) dropped 1.5 percent to
83.40 rupees as its April-June net profit slumped 63.5 percent.
[ID:nBMB011147]

MAIN TOP THREE BY VOLUME

* Aster Silicates (ASTS.BO) on 9.5 million shares

* Karuturi Global (KART.BO) on 4.2 million shares

* Shree Ashtavinayak (SACV.BO) on 2.3 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee report
[INR/]
* Indian bond report
[IN/]
* Euro dips vs yen on Japan exporter selling
[FRX/]
* Oil steady near $77 after sharp US petroleum stocks gain
[O/R]
* Asia shares retreat from highs, dollar dips
[MKTS/GLOB]
* Wall St falls on economic outlook
[.N]
* For closing rates of Indian ADRs

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Taiwan stocks rise ahead of TSMC; HTC surges

July 30, 2010 By Leave a Comment

TAIPEI, July 29 (Reuters) – Taiwan stocks rose 0.18 percent
on Thursday with smartphone maker (2498.TW) rising by its maximum
daily limit after comments from Sprint (S.N) on strong demand for
one of HTC’s phones.

The main TAIEX share index .TWII ended up 14.18 points at
7,798.99, lifted by a 7 percent jump in HTC.

U.S.-based Sprint Nextel (S.N) said on Wednesday it lost
fewer valuable contact customers in the second quarter than
analysts expected, helped by its most advanced smartphone, the
EVO from HTC. [ID:nN28190638]

Heavyweight TSMC (2330.TW) reported a record quarterly profit
after the close of the market [ID:nTPV001793].

Filed Under: International News Tagged With: , , , , , , , , , , , , , ,

TSMC posts record qtly profit on strong chip sales

July 30, 2010 By Leave a Comment

July 29 (Reuters) – TSMC (2330.TW), the world’s largest contract chipmaker, posted a record quarterly profit well above forecasts as it churned out more chips with more advanced technology to meet rising demand for new PCs, phones and other high-tech goods.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (TSM.N) said on Thursday it earned a net profit of T$40.3 billion ($1.3 billion) in April-June versus T$24.44 billion a year ago and well above a consensus forecast of T$35.2 billion from Thomson Reuters I/B/E/S.

The figure surpassed the previous record quarterly result of T$34.485 set in the fourth quarter of 2007.

TSMC and local rival UMC (2303.TW), No.2 chip foundry, are riding on a consumer boom, winning more orders from foreign clients who are selling more powerful chips for PCs, cell phones and other consumer products such as Apple’s (AAPL.O) iPad.

Analysts say TSMC’s profit could peak in the third quarter, the busiest sales season, before it starts to fall in the fourth. Technology demand typically slows after the pre-Christmas buying boom.

Investors are more focused on oversupply and weaker chip prices as they look beyond the strong second quarter.

So far this year, TSMC shares have fallen 2 percent while UMC shares were down 16 percent, against a 5 percent rise on Taiwan’s main TAIEX share index .TWII in the same period.

UMC’s quarterly results are due on Aug. 4. ($1=T$32) (Reporting by Baker Li, Editing by Lincoln Feast)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1- HCL Tech net up 3.7 pct, shares rise

July 30, 2010 By Leave a Comment

July 29 (Reuters) – Software services firm HCL Technologies (HCLT.BO) said on Thursday its quarterly net income rose marginally as demand for outsourcing increased, sending its shares up by as much as 4 percent.

Net income rose 3.7 percent to 3.42 billion rupees for April-June quarter, while sales increased 18 percent to 34.25 billion rupees.

Indian software companies are benefitting from a pickup in after services spending in the U.S., the largest market for the sector, after the global economic downturn.

“With hedge losses almost behind us we would see further improvement in cash flows and continued strengthening of the balance sheet,” Anil Chanana, CFO, said in a statement.

HCL’s larger rival India’s NO. 1 IT firm Tata Consultancy Services (TCS.BO) and third-largest Wipro (WIPR.BO) earlier reported street-topping performances, while No. 2 Infosys (INFY.BO) posted a surprise fall in quarterly profit.

HCL’s net income increased 6.9 percent on year to $73.6 million and revenue rose 21.5 percent to $737.6 million under US accounting norms. The EBITDA margin fell to 18.6 percent in the June-quarter from 22.1 percent a year ago.

US contributed 58.9 percent, Europe 28.5 percent and Asia Pacific 12.6 percent to HCL’s revenue in the June quarter.

Europe, which has been a cause of concern for most exporters in India and is the second-biggest market for the $60 billion Indian outsourcing sector after the United States, grew 4 percent over the March-quarter in terms of revenue for HCL.

Research firm Forrester said in a report this month that Europe’s volatile economic situation and uncertainty about corporate IT budgets would result in possible delays or cancellations of some outsourcing projects.

Custom application (industry solution) and Enterprise application services contributed together more than half of HCL’s revenue in the June quarter.

HCL, among India’s top five software services firm, added 6,428 employees in the June quarter taking its total headcount to 64,557, it said in a statement.

Rising outsourcing demand has seen Indian IT firms boosting hiring and raising staff salaries as they battle intensifying competition from global rivals such as IBM (IBM.N) and Accenture (ACN.N).

HCL’s net debt came down to $36 million as on June ’10 from $221 million a year ago.

At 9.51 local time, shares in HCL Technologies (HCLT.BO), which the market values at about $5.5 billion, were trading up 4.08 percent at 388 rupees in a flat Mumbai market.

(Reporting by Sanjeev Choudhary; Editing by Ramya Venugopal)

((sanjeev.choudhary@thomsonreuters.com; +91 11 4178 1016; Reuters Messaging: sanjeev.choudhary.reuters.com@reuters.net))

((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) Keywords: HCL TECH/

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Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Methanex Q2 profit misses estimates

July 30, 2010 By Leave a Comment

July 29 (Reuters) – Methanex (MX.TO), the world’s largest producer of methanol, posted a lower-than-expected quarterly profit late Wednesday, hurt by a lower price environment and a two-month outage at its Atlas plant in Trinidad.

For the second quarter, the company earned net income of $11.7 million, or 13 cents a share, compared with a loss of $5.7 million, or 6 cents a share in the year-ago period.

Analysts were expecting a profit of 17 cents a share, according to Thomson Reuters I/B/E/S.

While revenue jumped 83 percent to $448.5 million, cost of sales and operating expenses also rose 78 percent to $391.9 million. Average realized price per tonne fell to $284 from $305 in the first quarter.

The company said its produced product inventories at the end of the second quarter was lower by 135,000 tonnes compared to the first quarter due to the 60-day outage at its Atlas facility.

This will likely lead to lower sales volumes of produced product and higher cost of sales in the third quarter compared with the second quarter, the company said.

Shares of Methanex closed at C$23.55 Wednesday on Toronto Stock Exchange. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Valerie Lee)

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WRAPUP 1-UBS outshines rivals in Q2, DB holds ground

July 28, 2010 By Leave a Comment

ZURICH/FRANKFURT, July 27 (Reuters) – UBS (UBSN.VX) outdid rivals thanks to strong investment banking revenues and shrinking client outflows, while Deutsche Bank (DBKGn.DE) held ground after a drop in loan loss provisions.

Driven by strong equities and currency revenues, UBS’s (UBS.N) improved investment banking performance stood out against weak results at several U.S. rivals in the face of sovereign debt concerns, suggesting Chief Executive Oswald Gruebel’s tough restructuring strategy is working.

Clients drained a total of about 5 billion francs at the Swiss bank’s wealth and asset management divisions, the lowest quarterly withdrawal UBS has experienced since it started to bleed assets at the start of 2008, increasing the chance UBS will stop the asset bleeding by year end.

“The results are rather good. The rebuilding of the business is working successfully,” said Helvea analyst Peter Thorne as UBS shares were indicated to open up 5 percent.

“We may start to see inflows at the end of this year, beginning of next.”

UBS turned in a net profit of 2 billion Swiss francs ($1.90 billion), its third quarterly profit in a row after a string of losses following the financial crisis and a tax row. It was well above forecasts for 1.34 billion francs. [ID:nLDE66M0KQ]

Germany’s top lender Deutsche posted second-quarter pretax profit in line with expectations, helped by lower loan loss provisions amid weaker industry trends in investment banking.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

For a graphic on earnings forecasts click on:

here

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Its corporate banking and securities division, run by 47-year old Anshu Jain, posted 779 million euros in pretax profit. These accounted for the lion’s share of 1.52 billion euros ($1.96 billion) in group pretax earnings.

Deutsche performed less strongly than in the first quarter, but 16 percent stronger than during the year-earlier period, mirroring a trend among U.S. peers like Goldman Sachs (GS.N) and Morgan Stanley (MS.N). [ID:nN19193014] [ID:nN21197777] [ID:nSGE66K0EM]

Deutsche Bank shares were indicated 1.2 percent lower in premarket trade, on concerns over the bank’s outlook, and on news the bank’s trading income, traditionally a strong point, was weak.

Deutsche Bank reiterated it expects to reach its 2011 target of 10 billion euros from its core businesses but added a note of caution.

“While some of the environmental variables are in line with or ahead of our assumptions, others have not yet reached the expected levels, particularly with respect to the normalisation of interest rates,” the bank said in its quarterly report.

On Thursday, Credit Suisse posted second-quarter profit of 1.6 billion francs, helped by tax and accounting gains. [ID:nLDE66M0KQ] (Writing by Lisa Jucca, Additional reporting by Katie Reid in Zurich; Editing by Louise Heavens)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Canon Q2 profit sharply beats consensus, keeps outlook

July 28, 2010 By Leave a Comment

TOKYO, July 27 (Reuters) – Japanese camera and office equipment maker Canon Inc (7751.T) posted a 153 percent rise in quarterly profit, bigger than expected, on robust sales of its high-end cameras, but stuck to its earlier full-year forecast.

The April-June increase was the third straight quarter of year-on-year profit growth for Canon, which boasts the biggest share of the global camera market, ahead of Sony Corp (6758.T) and Nikon (7731.T).

The maker of IXY compact cameras and upmarket EOS cameras kept its operating profit outlook for the full year to Dec. 31 at 360 billion yen ($4.1 billion), compared with a consensus for 384 billion yen in a poll of seven analysts by Thomson Reuters I/B/E/S.

April-June operating profit was 113.4 billion yen, compared with a consensus forecast of 90.6 billion yen in a poll of four analysts by Thomson Reuters I/B/E/S.

Canon, which competes with Xerox Corp (XRX.N) and Ricoh Co (7752.T) in office equipment, said it was assuming exchange rates of 90 yen to the dollar JPY= and 110 yen to the euro EURJPY= for the second half of the calendar year.

Xerox last week beat quarterly profit forecasts as it enjoyed better demand for its printing and outsourcing services, and boosted its full-year outlook to take account of its $5.5 billion buy last year of Affiliated Computer Services. [ID:nN22176429]

Shares in Canon have fallen 19.2 percent in the period from April to Monday, underperforming Tokyo’s electrical machinery index IELEC.T, which fell 16.8 percent. (Reporting by Isabel Reynolds; Editing by Michael Watson)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Canon Q2 profit more than doubles, keeps outlook

July 28, 2010 By Leave a Comment

July 27 (Reuters) – Japanese camera and office equipment maker Canon Inc (7751.T) posted a 153 percent rise in quarterly profit, a bigger than expected climb on robust sales of its high-end cameras.

For the year to Dec. 31 the maker of IXY compact cameras and upmarket EOS cameras kept its operating profit outlook at 360 billion yen ($4.1 billion), compared with a consensus for 384 billion yen in a poll of seven analysts by Thomson Reuters I/B/E/S.

April-June operating profit was 113.4 billion yen, compared with a consensus forecast of 90.6 billion yen in a poll of four analysts by Thomson Reuters I/B/E/S.

It marked the third straight quarter of year-on-year profit growth for the world’s biggest maker of digital cameras, ahead of Sony Corp (6758.T) and Nikon (7731.T).

Shares in Canon, which also competes with Xerox Corp (XRX.N) and Ricoh Co (7752.T) in office equipment, fell 19.2 percent from April to Monday, underperforming Tokyo’s electrical machinery index IELEC.T, which fell 16.8 percent in the same period. (Reporting by Isabel Reynolds, Editing by Ian Geoghegan)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

JFE posts Q1 profit, forecast misses expectations

July 28, 2010 By Leave a Comment

July 27 (Reuters) – JFE Holdings Inc (5411.T) returned to profit in the April-June first quarter, but its earnings were sharply down on the previous quarter, hit by a delay in pushing through price increases, and the world’s 5th-ranked steelmaker gave only a cautious full-year outlook below consensus.

April-June recurring profit — before tax and one-offs — was 51.4 billion yen ($591 million), a turnaround from a 67.3 billion yen loss a year ago, but about 30 percent below the previous quarter’s profit.

JFE predicted a profit of 220 billion yen for the full year to March 2011, well below a consensus of 310.5 billion yen in a poll of 18 analysts by Thomson Reuters I/B/E/S.

Japanese steelmakers only applied the higher contract prices they agreed with domestic carmakers and other customers for part of the first quarter, while having to pay higher raw materials costs for the full April-June period.

In contrast, South Korean rival POSCO (005490.KS) earlier this month posted its second-best quarterly profit after twice hiking its steel prices.

Shares in JFE, which generates nearly half its revenues from exporting to Asia’s emerging economies, have fallen nearly 30 percent since early April, double the fall in the benchmark Nikkei average .N225, amid signs of slowing growth in China. ($1=86.96 Yen) (Reporting by Yuko Inoue, Editing by Ian Geoghegan)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Horizon Lines Q2 profit beats Wall Street

July 24, 2010 By Leave a Comment

July 23 (Reuters) – Container shipping company Horizon Lines Inc’s (HRZ.N) quarterly profit handily beat analysts’ estimates, helped by better results from its Alaska tradelane, terminal services and logistics.

For the full year, however, Horizon expects adjusted EBITDA performance to be in the range of 2009 results.

For the second quarter, net income was $3.7 million, or 12 cents a share, compared with net loss of $31.1 million, or $1.02 a share, last year.

Excluding certain items, the company earned 15 cents a share.

Revenue rose 10 percent to $305.6 million.

Analysts on average were expecting the company to post earnings of 9 cents a share, excluding items, on revenue of $308 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $4.06 Thursday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Don Sebastian)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-Sensient Q2 profit beats Street, ups FY profit view

July 24, 2010 By Leave a Comment

July 23 (Reuters) – Specialty chemicals company Sensient Technologies Corp (SXT.N) reported quarterly profit above analysts’ estimates, helped by volume growth across its segments, and raised its full-year earnings outlook.

For the second quarter, Sensient’s net income rose to $28.7 million, or 58 cents a share, from $25.8 million, or 53 cents per share, a year earlier.

Revenue rose 10 percent to $334 million.

Analysts on average had expected the company to earn 53 cents a share, on revenue of $323.1 million, according to Thomson Reuters I/B/E/S.

Sensient raised its full-year profit outlook to between $2.05 and $2.10 per share. It earlier expected earnings of $2.00 to $2.06 per share. Analysts on average were looking for a profit of $2.05 per share.

Shares of the Milwaukee, Wisconsin-based company closed at $27.77 Thursday on the New York Stock Exchange.

For related alerts, double click [ID:nASA00JWM] (Reporting by Arup Roychoudhury in Bangalore; Editing by Gopakumar Warrier)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE 1-United Bankshares Q2 profit beats Street view

July 24, 2010 By Leave a Comment

July 23 (Reuters) – United Bankshares Inc (UBSI.O) posted a better-than-expected quarterly profit, helped by a 72 percent drop in provision for credit losses.

For the second quarter, the bank posted net income of $17.9 million, or 41 cents a share, compared with $8.2 million, or 19 cents a share, a year ago.

Analysts on average were expecting the company to report earnings of 40 cents a share, according to Thomson Reuters I/B/E/S.

Provision for credit losses decreased to $6.4 million from $23.2 million in the year-ago quarter. The second quarter of 2009 included a credit loss provision of $17.6 million for fraudulent loans made to a commercial customer.

Net interest income decreased to 3 percent to $60.2 million.

Net charge-offs fell to $5.4 million from $21.4 million.

Shares of the company closed at $24.83 on Thursday on Nasdaq. (Reporting by Rachel Chitra in Bangalore; Editing by Anne Pallivathuckal)

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Nikkei jumps 2.8 pct as short-covering heats up

July 24, 2010 By Leave a Comment

July 23 (Reuters) – Japan’s Nikkei surged 2.8 percent and was set to snap a five-day losing streak on Friday, boosted as worries about the results of European bank stress tests eased and by robust U.S. corporate earnings.

Short-covering helped buoy the benchmark Nikkei after it shed nearly 6 percent in the past five days, market players said, with the pace picking up in the afternoon amid thin trade.

Charts grew brighter as the Nikkei pulled away from oversold territory, with the benchmark’s slow stochastic — a measure of how oversold the market is and whether it is in a short-term up or down trend — edging higher after a bullish cross on Thursday.

But market players remained wary.

“This jump is mainly coming from short-covering, it’s not a move that will really lead the Nikkei sharply higher,” said Kenichi Hirano, operating officer at Tachibana Securities.

“But if we manage to close at this level, we may be set for more gains next week. And while it’s probably not good to be over-optimistic, I think the stress test results are unlikely to be that harsh.”

The benchmark Nikkei .N225 rose 251.98 points to 9,472.86, while the broader Topix rose 2.3 percent to 844.10.

Semiconductor related shares rose in the wake of gains by their U.S. peers on Thursday, with the Philadelphia Semiconductor Index .SOXX rising more than 3 percent.

Microsoft Corp (MSFT.O) also reported a 48 percent rise in quarterly profit after the bell, easily beating Wall Street forecasts, though it failed to match chipmaker Intel Corp’s (INTC.O) strong optimistic tone last week. [ID:nN21206486] [ID:nN12197658]

Chip-tester maker Advantest Corp (6857.T) rose 2.1 percent to 1,916 yen, chip equipment maker Tokyo Electron (8035.T) gained 3.6 percent to 4,695 yen, and stepper maker Nikon (7731.T) climbed 3.5 percent to 1,514 yen.

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India’s Wipro sees stable pricing environment

July 24, 2010 By Leave a Comment

July 23 (Reuters) – Wipro Ltd, India’s No. 3 software firm, expects a stable pricing environment and hopes to maintain its margins in the next 4-6 quarters, chief financial officer Suresh Senapaty told reporters on Friday.

Earlier Wipro (WIPR.BO) posted a higher-than-expected 31 percent rise in quarterly profit as global demand for outsourcing improved [ID:nSGE66K09K] ($1=47.1 rupees) (Reporting by Bharghavi Nagaraju; editing by Surojit Gupta)

Filed Under: International News Tagged With: , , , , , , , , , , , ,

REFILE-UPDATE 1-LG Display Q2 profit doubles;warns of price fall

July 23, 2010 By Leave a Comment

SEOUL, July 22 (Reuters) – South Korea’s LG Display (034220.KS) reported quarterly profit more than doubled but it faces weaker profit growth in the second half, as TV sales lose momentum due to uncertainty over a global economic recovery.

Though the second half is seasonally strong, LCD makers are bracing for shrinking order books, as TV sales, which account for more than half of the sector’s total demand, weaken on concerns a debt crisis in Europe will crimp overall IT spending.

Strong demand from China and tight supplies of components boosted LCD panel prices earlier this year. Prices however started falling from June on worries of slowing demand from Europe and China, forcing panel producers to lower production.

“We are entering the seasonally strong third quarter with uncertainties involving the European fiscal crisis and (high LCD) inventory,” LG Display Chief Financial Officer Jung Ho-young said in a statement.

“Demand will grow but… panel prices will gradually fall in the third quarter and may start stabilising or rebound from September when (high) panel inventories are addressed.”

On Thursday, the world’s No.2 maker of liquid crystal display (LCD), which competes with home rival Samsung Electronics Co (005930.KS) and Taiwan’s Chimei Innolux (3481.TW) saw shipments for the current quarter rising by a teens percentage.

“Inventories in China are a concern for me and the demand situation in Europe does not look very good,” said Michael On, managing director at Beyond Asset Management in Taipei.

“Prices might weaken further to the fourth quarter. The first quarter next year could be a bottom, so from an investment point of view, LCD shares are not good targets now.”

LCD producers are now hoping reduced production, a shift to high-end panels such as those using light emitting diode (LED) technology, and a recovery in demand towards the year-end holiday season will help reverse a fall in prices.

LG Display reported a 726 billion won ($603.2 million) operating profit in April-June versus a forecast of 744 billion won from 22 analysts polled by Thomson Reuters I/B/E/S.

The result marked a sharp improvement from a profit of revised 352 billion won a year ago, but fell 8 percent from in the previous quarter, as sales of flat-screen TVs grew less than expected during the World Cup soccer event.

Sales rose to a record 6.5 trillion won from 4.8 trillion wona year ago and 5.88 trillion won in the first quarter. The company is a supplier to Apple’s (AAPL.O) iPad tablet PC, which has sold 3.47 million units since its April launch. [ID:nN20107855]

Ahead of the results, LG Display shares closed down 3.0 percent at a four-month low, lagging a 0.8 percent drop n a broader market . (Reporting by Miyoung Kim; Editing by Jonathan Hopfner and Anshuman Daga)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

LG Display Q2 profit up on firm TV sales; meets fcast

July 23, 2010 By Leave a Comment

July 22 (Reuters) – Quarterly profit at South Korea’s LG Display (034220.KS) more than doubled and broadly met market expectations on Thursday, helped by solid sales of flat-screen TVs.

The world’s No.2 maker of liquid crystal display (LCD) screens reported a 726 billion won ($603.2 million) operating profit in April-June versus a forecast of 744 billion won from 22 analysts polled by Thomson Reuters I/B/E/S.

The result marked a sharp improvement from a revised profit of 352 billion won a year ago, but fell 8 percent from the previous quarter as sales of flat-screen TVs grew less than expected during the World Cup soccer event.

The second half is seasonally strong, but LCD makers face shrinking order books, as TV sales, which account for more than half of the industry’s total demand, lose momentum on concerns a debt crisis in Europe will crimp overall IT spending.

Shares of LG Display, which competes with home rival Samsung Electronics Co (005930.KS) and Taiwan’s Chimei Innolux (3481.TW), fell 17 percent over the past three months, lagging a flat KOSPI . (Reporting by Miyoung Kim and Seo Ji-won; Editing by Jonathan Hopfner and Anshuman Daga)

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Swiss stocks – Factors to watch on July 20

July 21, 2010 By Leave a Comment

ZURICH, July 20 – The following are some of the main factors expected to affect Swiss stocks on Tuesday:

ACTELION (ATLN.VX)

Europe’s largest biotech confirmed its 2010 outlook after stronger-than-expected sales of its key heart and lung drug Tracleer, although quarterly profit lagged forecasts.

For related new click on [ATLN.VX]

BARRY CALLEBAUT (BARN.S)

The SIX Swiss Exchange Sanction Commission said differing expert opinions on accounting meant no sanction against Barry Callebaut.

For related news, click on [BARN.S]

ECONOMY [M-CH]

* June trade data expected at 0615 GMT CHTBAL=ECI

COMPANY STATEMENTS [CNR-CH]

* Uster (USTN.S) posted H1 Positive net result of 4.0 million Swiss francs.

* Partners Group (PGHN.S) has been awarded a mandate by the sovereign wealth fund Korea Investment Corporation to invest in a broad range of opportunities in the private real estate market.

* Gottex (GFMN.S) said total fee earning assets for the group were 7.3 billion dollars compared to 7.9 billion dollars at 31 March 2010 largely driven by a 0.4 billion dollar negative impact from foreign exchange movements, performance and the return of cash to investors in run-off share classes.

* Partners Group, the global private markets investment manager, has been awarded a mandate by the sovereign wealth fund Korea Investment Corporation (KIC) to invest in a broad range of opportunities in the private real estate market.

* Baloise (BALN.VX) said it has acquired the Belgian insurance business of Avéro, a subsidiary of the Dutch Eureko Group. The purchase price amounts to 75 million euros. The purchase is expected to be completed by the second half of 2010.

* Novartis (NOVN.VX) said it had received approval in China for Rasilez, a first-in-class direct renin inhibitor for high blood pressure, the leading preventable cause of death in China.

EQUITY RESEARCH [CH-RCH]

FOR COMPANIES TRADING EX-DIVIDEND, PLEASE CLICK ON:

.EX.S for all Swiss stocks

.EXSMI.S for blue chips

.EXNSMI.S for other stocks

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UPDATE1-Private equity considers bidding for NBTY – source

July 17, 2010 By Leave a Comment

NEW YORK, July 14 (Reuters) – Private equity firms Blackstone Group LP (BX.N) and Carlyle may acquire U.S. nutritional supplements maker NBTY Inc (NTY.N), a source familiar with the situation said on Wednesday.

The private equity firms are working separately from each other, not as a consortium, the source said. It was unclear how advanced the plans were.

News of a potential deal was earlier reported by the Wall Street Journal which said Blackstone and Carlyle are in talks to buy the firm.

The companies could not be immediately reached for comment by Reuters outside regular U.S. business hours.

NBTY, which has a market value of about $2.3 billion, posted a quarterly profit in April and missed market expectations by a wide margin, hurt by increased spending on television advertising.

Private equity deals, put on hold when the credit crisis shut off access to cheap debt, have been making a revival.

Earlier in July, BC Partners [BCPRT.UL] and Silver Lake Partners [SILAK.UL] announced a deal to buy U.S. healthcare services firm MultiPlan from two other buyout shops. That deal was worth about $3.1 billion, sources said at the time.

(Reporting by Megan Davies in New York and Sakthi Prasad in Bangalore; Editing by Valerie Lee)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

UPDATE1-Private equity considers bidding for NBTY – source

July 16, 2010 By Leave a Comment

NEW YORK, July 14 (Reuters) – Private equity firms Blackstone Group LP (BX.N) and Carlyle may acquire U.S. nutritional supplements maker NBTY Inc (NTY.N), a source familiar with the situation said on Wednesday.

The private equity firms are working separately from each other, not as a consortium, the source said. It was unclear how advanced the plans were.

News of a potential deal was earlier reported by the Wall Street Journal which said Blackstone and Carlyle are in talks to buy the firm.

The companies could not be immediately reached for comment by Reuters outside regular U.S. business hours.

NBTY, which has a market value of about $2.3 billion, posted a quarterly profit in April and missed market expectations by a wide margin, hurt by increased spending on television advertising.

Private equity deals, put on hold when the credit crisis shut off access to cheap debt, have been making a revival.

Earlier in July, BC Partners [BCPRT.UL] and Silver Lake Partners [SILAK.UL] announced a deal to buy U.S. healthcare services firm MultiPlan from two other buyout shops. That deal was worth about $3.1 billion, sources said at the time.

(Reporting by Megan Davies in New York and Sakthi Prasad in Bangalore; Editing by Valerie Lee)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,
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