CenterPoint 4Q profit falls despite higher sales

HOUSTON — CenterPoint Energy Inc. said Wednesday that its fourth-quarter profit fell despite a slight uptick in revenue.

The utility’s earnings still topped Wall Street’s expectations and its stock rose 98 cents, or 5.3 percent, to $19.50 in midday trading.

The Houston company made $117 million, or 27 cents per share, in the last three months of last year, compared with $124 million, or 29 cents per share, a year earlier.

Revenue rose to $2.15 billion from $2.10 billion the year before. Sales rose in CenterPoint ‘s electric transmission and distribution segment, narrowly offsetting declining revenue in its natural gas distribution, interstate pipelines and field services units.

Analysts polled by FactSet expected earnings of 21 cents per share on revenue of $2.67 billion.

For all of 2011, the company earned $1.36 billion, or $3.17 per share, up significantly from the $442 million, or $1.07 per share, earned in 2010. That was mostly due to a huge one-time gain related to restructuring of the Texas electricity market.

Revenue fell to $8.45 billion from $8.79 billion in 2010.

This year, CenterPoint expects to earn between $1.08 and $1.20 per share. Analysts expect $1.19 per share.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Article source: http://www.msnbc.msn.com/id/46573982/ns/business-us_business/

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TransForce profit up on courier growth, lower costs

Wed Feb 29, 2012 11:59am EST

* Q4 EPS C$0.41 vs EPS C$0.36 yr ago

* Revenue up 36 pct

* Package and courier segment rev C$301.4 mln

* Shares touch 6-year high

Feb 29 (Reuters) – TransForce Inc’s quarterly
profit rose by a fifth on lower costs and higher sales in its
package and courier business, and the transportation and
logistics company said even a moderate recovery in the economy
should strengthen its results.

Shares of the Montreal-based company rose 6 percent to touch
a six-year high of C$18.06 in early trade on Wednesday on the
Toronto Stock Exchange.

“Although we made substantial progress in the second half of
2011, and more is anticipated in 2012, market conditions still
remain quite challenging,” Transforce Chief Executive Alain
Bedard said on a conference call with analysts.

TransForce’s fourth-quarter net income rose 19.8 percent to
C$41.7 million, or 41 Canadian cents a share .
Excluding items, it earned 34 Canadian cents per share.

Analysts, on average, were expecting earnings of 28 Canadian
cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 36 percent to C$735.5 million, with sales in
its package and courier segment doubling and energy services
growing by 39 percent.

“Profitability improved largely due to improved operating
efficiencies and enhanced asset utilization, although a hesitant
economy caused overall volume to decline slightly,” Bedard said.

TransForce’s shares were trading up 3.6 percent at C$17.71
on Wednesday on the Toronto Stock Exchange.

Article source: http://www.reuters.com/article/2012/02/29/transforce-idUSL4E8DT54I20120229

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British Airways group profit rises five-fold

International Consolidated Airlines Group, the company formed from the merger of British Airways and Iberia, says its profit grew more than five-fold in its first year of combined operations.

The company reported a net profit of 555 million euros ($696 million) compared with 100 million euros in 2010.

Passenger revenue was up 11 per cent to 13.7 billion euros. Fuel costs rose 30 per cent to 5.1 billion euros.

IAG shares were up 3.6 per cent at 169 pence on the London Stock Exchange.

Keith Bowman, analyst at Hargreaves Lansdown Securities, said IAG faces challenges from fuel costs, higher taxes, security costs and economic problems in some markets. However, “for now, given ongoing cost savings and the extension of the group’s reach into Latin America and other geographical growth arenas, analysts are focusing on the positives,” he added.

In the three months ending in December, IAG said net profit was up 141 per cent to (euro) 217 million and passenger revenue was 7.3 per cent higher at (euro) 3.4 billion.

Chief Executive Willie Walsh said operating results are likely to be lower in the first half of this year because of higher fuel costs, weaker European markets and labour issues, but he expects the outlook to improve in the second half.

Walsh said British Airways benefited from a strong North Atlantic market in 2011 but added that Iberia was struggling.

“Iberia’s challenge is its exposure to financial uncertainty in the Eurozone in a highly competitive marketplace with no-frills airlines, high-speed rail and growing competition from more efficient long haul airlines,” Walsh said.

“Its management has been focused in addressing this, however, the challenge remains for Iberia to become more competitive especially as it has a high cost base and outdated workplace practices.”

IAG is launching a low-cost carrier, Iberia Express, in March.

The company is also seeking regulatory clearance to buy British airline bmi from Lufthansa, a deal which would give IAG additional slots at London Heathrow airport to launch new long-haul services.

Yearly comparisons include the first 21 days of 2011 before the merger, and combined British Airways and Iberia results for 2010.

AP

Article source: http://www.smh.com.au/business/world-business/british-airways-group-profit-rises-fivefold-20120301-1u45c.html

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IAG Warns Of Cost Pressures As Profit Jumps

-IAG says 2012 fuel bill might rise by more than EUR1 billion

-Iberia pilots strike will crimp margins in first half

-North Atlantic business buoyant

-CEO Walsh says financial position is strong

-Shares rise 3.3%

(Adds financial detail in 5th paragraph and analyst comment in the 12th paragraph.)

PARIS (Dow Jones)–International Consolidated Airlines Group SA (IAG.LN, IAG.MC) warned Wednesday that higher fuel costs, the sluggish European economy, and a continuing strike by pilots will weigh on its first-half results this year, even as it reported after-tax profit more than doubled in the three months to end-December.

IAG, formed through the …

Article source: http://online.wsj.com/article/BT-CO-20120229-706465.html

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Repsol Profit Misses Estimates on Libya, Weaker Refining; Shares Retreat

Repsol YPF SA (REP), Spain’s biggest oil
company, said fourth-quarter profit fell more than analysts
predicted on lower output from Libya and weaker refining.

Net income, adjusted to exclude inventories and one-time
items, slid 29 percent from a year earlier to 355 million euros
($478 million), the company said today in Madrid. The mean of 20
analyst estimates was for profit of 380.6 million euros.

Repsol is bolstering exploration to stem declines in
production, which slipped 14 percent in the fourth quarter from
a year earlier. The company is investing in Brazil’s offshore
Santos Basin and has sold off part of its interest in its YPF
unit to reduce dependence on mature fields in Argentina.

“The fundamentals of the company remain solid,” Chief
Financial Officer Miguel Martinez said on a conference call.
“We expect this year to be better than 2011.”

Shares fell 2.4 percent to 20.07 euros as of 2:25 p.m. in
Madrid. Repsol is down 17 percent in the past year.

Repsol reported a reserve replacement ratio of 131 percent
for 2011, indicating it found more oil and gas than it produced
in the year. The ratio was 162 percent for the upstream unit and
112 percent for YPF in Argentina. Output in Libya from wells
where Repsol has a stake is now at a gross level of about
300,000 barrels of oil equivalent a day, with Repsol’s share at
about 50,000 barrels, the company said.

Output to Rise

Repsol’s output was 299,000 barrels a day in 2011. That
will rise 12 percent to about 335,000 this year and the
exploration program will include as many as 24 wells, the
company said in a presentation to investors.

The company has reported discoveries in Brazil and Sierra
Leone this year. YPF said this month that its shale oil
resources probably hold almost half that of Brazil’s pre-salt
reserves, estimated at about 50 billion barrels.

Repsol is exploring in Brazil in a joint venture with China
Petrochemical Corp., known as Sinopec, which in 2010 invested
$7.1 billion in Repsol’s Brazilian unit. Repsol said today that
it’s sticking with longer-term targets for production growth of
4 percent a year.

Lower refining profit margins reduced income by 116 million
euros, the company said. Income for the refining unit dropped by
19 percent in the fourth quarter from a year earlier.

To contact the reporter on this story:
Brian Swint in London at
bswint@bloomberg.net

To contact the editor responsible for this story:
Will Kennedy at
wkennedy3@bloomberg.net

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Article source: http://www.bloomberg.com/news/2012-02-29/repsol-profit-misses-estimates-on-libya-weaker-refining-shares-retreat.html

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Costco’s Profit Rises 13%

BY ANNE PALLIVATHUCKAL AND NATHALIE TADENA

Costco Wholesale Corp.’s fiscal-second-quarter earnings rose 13% as the warehouse-style retailer’s same-store sales increased.

For the quarter ended Feb. 12, the Issaquah, Wash., company reported a profit of $394 million, or 90 cents a …

Article source: http://online.wsj.com/article/SB10001424052970203753704577252893863097800.html

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INDABA: Anglo Pacific Carves Out Niche In Mining Sector Via Royalties

(This story was originally published Sunday.)

CAPE TOWN -(Dow Jones)- U.K.-listed Anglo Pacific PLC (APF.LN ) is a rare breed for a mining sector-focused company.

It’s primary business isn’t running a mine or owning a deposit, but securing royalties from a mine’s revenue stream and in turn providing long-term, secure revenue streams for its shareholders.

The FTSE 250 company provides junior miners or project developers with the seed capital to fund the development of their project, in return for a royalty payment through the life of a project.

“The beauty of [royalties] is that you’re not affected by operating costs,” Chris Orchard, the company’s chief investment officer told Dow Jones Newswires Sunday. “You don’t have a lot of operational risk and you don’t have the balance sheet risk. You have a far more steady and secure revenue stream,” he added.

The royalty company benefits from the upside of a project’s resource and production expansion while keeping its capital expenditure costs fixed. In other words, it doesn’t have to pony up additional capital to expand a project as is often the case in equity investments, he noted.

The risk lies in the fact that it takes several years from the time the initial funds are granted to first production or rather the time when revenues start trickling in. Also, “if a mine goes on strike, it’s not good news for us. [But] for equity holders it’s disastrous” given their funding commitments, he said. The other notable publicly-listed royalty mining companies include Franco-Nevada Corp(FNV.T) and Canada Gold Corp. (CI.V).

Anglo Pacific, which has a market capitalization of about GBP300 million and posted GBP65.8 million in pre-tax profit in 2010, generates value for shareholders through share price performance and distribution of dividends equivalent to 3.35% of its net income. The balance of the cash is then reinvested into the business, Orchard said.

Anglo Pacific aims to grow its dividend 7% to 8% and has the ability to do so based on future expected revenues, Orchard said.

The company has grown its investment portfolio from two royalties on two Australian coking coal operations run by Rio Tinto PLC (RIO) and BHP Billion Ltd (BHP) to 17 royalties in a span of four years or so but only four of them are generating revenue, Orchard said.

It aims to now add three to four new royalties every year at a cost of about $15 million to $30 million each, or 5% of the company’s total asset value of $600 million per project, Orchard said.

The company’s investment criteria are good quality assets with life of mine of 10 years or more and locations with low risk profiles and good legal jurisdictions such as Australia, Europe and North America, in order to provide security for the royalty entitlement.

Commodity-wise, the company has about two thirds of its royalty interest in coal, and 20% in iron ore, followed by gold, uranium and chromite. Orchard said the company wants to expand across all its existing commodities and also push into copper and nickel, although the former is proving expensive at the moment. He said the company isn’t interested in aluminum because the initial cash layout is too big.

Anglo Pacific also invests in publicly-traded shares and buys small equity positions in some miners as a way to get to know management better and understand a project. Copper and nickel account for 15% and 9% respectively of that portfolio.

Copyright © 2012 Dow Jones Newswires

Article source: http://www.foxbusiness.com/news/2012/02/05/indaba-anglo-pacific-carves-out-niche-in-mining-sector-via-royalties/

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Genting Profit Rises 66% as New York Casino Lifts Revenue

Enlarge image

Genting Profit Surges 66%

Munshi Ahmed/Bloomberg

A group of Thai tourists look at Genting Singapore Plc’s Resorts World Sentosa integrated resort and casino complex in Singapore.

A group of Thai tourists look at Genting Singapore Plc’s Resorts World Sentosa integrated resort and casino complex in Singapore. Photographer: Munshi Ahmed/Bloomberg

Genting Bhd. (GENT), which controls Asia’s
second-biggest gaming company by market value, said fourth-
quarter profit jumped 66 percent, with maiden revenue
contributions from its New York City casino.

Net income surged to 772.9 million ringgit ($258 million),
or 20.94 sen a share, for the three months ended Dec. 31, from
465.4 million ringgit, or 12.57 sen per share, a year earlier,
the company said in a filing to the Kuala Lumpur stock exchange
yesterday. Revenue climbed 24 percent to 5.06 billion ringgit on
increased takings at its core Singapore, Malaysia and U.K.
casinos and gaming resorts.

“The growth in the global gaming industry in 2011 was
driven by key Asian markets,” the group said in its statement.
“The economic challenges in Europe and the U.S. continue to
cloud the short-term outlook of the Asian economies. Uncertain
economic climate also presents some potentially attractive
investment opportunities” for Genting Singapore Plc (GENS), it said.

The Kuala Lumpur-based group is extending its overseas
reach from its roots as owner of Malaysia’s only casino resort.
It opened a casino at the Aqueduct Racetrack in New York City
last quarter, where it also plans to build the country’s biggest
convention center. Its Genting Malaysia Bhd. (GENM) unit has also
pitched proposals for a $3.8 billion casino-and-hotel project in
Miami. It’s already the U.K.’s biggest casino operator and owns
Resorts World Sentosa, one of Singapore’s two gaming resorts.

One-Off Gains

Genting rose 0.6 percent to 10.60 ringgit at 11:15 a.m. in
Kuala Lumpur trading, tracking a similar gain in the FTSE Bursa
Malaysia KLCI Index. (FBMKLCI) The stock has fallen 3.8 percent this year
and trades at about 13 times estimated earnings, compared with
the 21-times average for 16 gambling operations companies
worldwide tracked by Bloomberg.

“Genting is the cheapest gaming stock in the world with
resilient base earnings from gaming, plantation and power
segments,” Yee Mei Hui, analyst at HwangDBS Vickers Research
Sdn. wrote in a note to clients today. She kept a “buy” rating
on the stock with 13.70 ringgit price target.

Genting was upgraded to “buy” from “hold” at Hong Leong
Financial Group Bhd. (HLFG) as its 2011 profit was better than
expected, analyst Low Yee Huap wrote in a report. Credit Suisse
Group AG raised the stock’s price target to 13.70 ringgit from
13.30 ringgit previously.

Profit was boosted by the reversal of a previous 308.6
million-ringgit impairment loss, Genting said. The group booked
operating revenue of 95.3 million ringgit from its New York City
casino, which marked its debut on Oct. 28.

“Resorts World Casino New York City’s performance has been
encouraging since its initial opening,” Genting said.

The company has expanded into businesses that include palm
oil and power generation to cushion swings in casino takings.

Genting’s plantations division saw profit contributions
drop 13 percent to 124.1 million ringgit on lower product prices
and higher costs. Pretax profit from power increased 3 percent
to 157.1 million ringgit on higher energy tariffs in Malaysia
and China, the company said.

– Editors: Barry Porter, Garry Smith

To contact the reporter on this story:
Chong Pooi Koon in Kuala Lumpur at
pchong17@bloomberg.net

To contact the editor responsible for this story:
Stephanie Wong in Shanghai at
swong139@bloomberg.net

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Article source: http://www.bloomberg.com/news/2012-02-28/genting-profit-surges-66-as-new-york-city-casino-boosts-takings.html

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Cablevision profit falls by almost half: Spinoff of AMC accounts for drop

Jill Goldsmith

Variety

February 28, 2012

Article source: http://www.chicagotribune.com/entertainment/sns-201202281128reedbusivarietynvr1118050801feb28,0,6382075.story

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BYD Net Profit Falls 44%

BY NORIHIKO SHIROUZU AND JOANNE CHIU

BEIJING—Chinese car and battery maker BYD Co. said its 2011 net profit fell 44% as a result of sharply lower solar power product prices as well as intense auto market competition that forced the company to offer large discounts, even as car sales volume edged up last year.

The Hong Kong-listed company, which is part-owned by MidAmerican Energy Holdings Co., a unit of Warren Buffett’s Berkshire Hathaway Inc., said its net profit for the year ended Dec. 31 totaled 1.40 billion yuan ($222 million), down from 2.52 billion yuan in 2010.

…

Article source: http://online.wsj.com/article/SB10001424052970203753704577252723625162932.html

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