Pret A Manger Posts 14% Rise In Profit As It Takes On Paris
April 3, 2012 by admin
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— Company plotting further international growth
— Opened 24 new shops in 2011
— Aims to open 44 more in 2012
LONDON (Dow Jones)–Pret A Manger, the sandwich chain owned by London-based buyout firm Bridgepoint, Tuesday posted a 14% profit increase for 2011 and flagged further international growth plans, including in …
— Company plotting further international growth
— Opened 24 new shops in 2011
— Aims to open 44 more in 2012
LONDON (Dow Jones)–Pret A Manger, the sandwich chain owned by London-based buyout firm Bridgepoint, Tuesday posted a 14% profit increase for 2011 and flagged further international growth plans, including in …
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Profit Taking May Lead To Early Weakness On Wall Street
April 3, 2012 by admin
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Article source: http://www.nasdaq.com/article/profit-taking-may-lead-to-early-weakness-on-wall-street-20120403-00775
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International Speedway’s profit falls 20%
April 3, 2012 by admin
Filed under Uncategorized
By Kristin Jones
International Speedway Corp.’s (ISCA, ISCB) fiscal first-quarter profit fell 20% as the racetrack operator struggled with low attendance, loss of ancillary revenue from broadcast rights and the date change of a major NASCAR race.
“While year-over-year comparison for the quarter was impacted by Phoenix International Raceway’s spring NASCAR race weekend being moved from the 2011 fiscal first quarter into the company’s 2012 fiscal second quarter, we were pleased with our first-quarter results,” said Chief Executive Lesa France Kennedy. “The economy is moving in the right direction and with further improvements in consumer confidence we expect to benefit from the consumers’ eventual renewed faith in the economy.”
The owner and operator of racetracks across the U.S. has battled weak attendance in recent quarters as cost-conscious racing fans have stayed home. Still, the company has managed to stay mostly profitable in the past year, in part by controlling costs. Feb. 3 brought the opening of the Hollywood Casino at Kansas Speedway, a partnership with Penn National Gaming Inc. (PENN) that could boost earnings in the years ahead.
For the quarter ended Feb. 28, International Speedway reported a profit of $17.1 million, or 37 cents a share, down from $21.4 million, or 45 cents a share, a year earlier. Excluding costs related to the sale of the company’s Staten Island property and other one-time items, last year’s per-share earnings were 49 cents a share.
Analysts polled by Thomson Reuters expected a profit of 39 cents a share.
Revenue fell 14% to $127.4 million.
Gross margin narrowed to 23.3% from 26.5%.
Motorsports-related revenue, which includes revenue from the broadcast of races and is by far the largest top-line contributor, fell 18% to $80.7 million.
For the current year, the company affirmed its January outlook, which fell short of Wall Street expectations at the time.
Shares closed at $28.35 on Monday and were inactive premarket. Shares are up 12% this year.
Article source: http://www.marketwatch.com/story/international-speedways-profit-falls-20-2012-04-03
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Conn’s swings to profit on higher selling prices
April 3, 2012 by admin
Filed under Uncategorized
By Tess Stynes
Conn’s Inc.’s
/quotes/zigman/91157/quotes/nls/conn CONN
+16.13%
swung to a fiscal fourth-quarter profit as the regional consumer electronics and appliances retailer benefited from higher average selling prices and set aside less to cover bad loans.
For the year, the company raised its per-share earnings estimate by 15 cents to $1.20 to $1.30 on same-store sales growth in the mid- to high single digits on a percentage basis. The company in December expected same-store sales growth in the low to mid-single digits.
Conn’s, which has 65 stores in Texas, Louisiana and Oklahoma, has seen its bottom line struggle amid store-closing costs and other impacts despite benefits from continued increases in average selling prices across most of its major categories and expanded offerings in the higher-margin furniture and mattresses category. However, it hasn’t been immune to sector-wide weakness in television prices and cautious consumers that continue to keep a close eye on their budgets.
Chairman and Chief Executive Theodore Wright said combined February and March same-store sales were up roughly 16% and retail gross margin for the fiscal first quarter to date has strengthened sequentially.
“We are on track with our store opening plans and are looking forward to returning to unit growth after a period of retrenchment,” Wright said.
For the quarter ended Jan. 31, Conn’s reported a profit of $7.7 million, or 24 cents a share, compared with a year-earlier loss of $3.6 million, or 12 cents a share. Excluding charges related to store closings, asset write-downs and other items, earnings were 34 cents compared with break-even results a year earlier.
Revenue increased 3.7% to $226.7 million as finance charges and other revenue grew $252,000 to $37 million. Analysts polled by Thomson Reuters most recently projected $222 million.
The company in February reported that retail net sales rose 4.3% to $189.7 million as double-digit growth in its home appliance and furniture and mattress segments helped offset declines in consumer electronics sales. Same-store sales improved by 12%.
Retail gross margin rose to 29.7% from 24.2%, slightly above expectations, amid improved sales and lower costs.
Provisions for bad debt declined 25%.
Shares closed Monday at $16.49 and were inactive premarket. Shares have been trading around multiyear highs recently.
/quotes/zigman/91157/quotes/nls/conn
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CONN
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OIL FUTURES: Crude Slips On Profit-Taking; Focus Turns To US Jobs Data
April 3, 2012 by admin
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TOKYO (Dow Jones)–Crude-oil futures slipped Tuesday in Asia on light profit-taking following big gains overnight but trading was sluggish as many market participants remained on the sidelines due to a lack of clear direction, analysts said.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $104.86 a barrel at …
TOKYO (Dow Jones)–Crude-oil futures slipped Tuesday in Asia on light profit-taking following big gains overnight but trading was sluggish as many market participants remained on the sidelines due to a lack of clear direction, analysts said.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $104.86 a barrel at …
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Suntech "sun king" sees industry back in black, eyes US duties
April 3, 2012 by admin
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BOAO, China |
BOAO, China (Reuters) – Suntech Power Holdings Co Ltd’s (STP.N) chief executive said on Tuesday the Chinese solar company expects to return to profit, along with the entire industry, in the fourth quarter as prices stabilize on tighter inventories and improving demand.
Suntech forecast its sales in the United States to grow a strong 40 percent this year, expecting little impact from a preliminary U.S. ruling on countervailing duties of less than 5 percent and possible higher anti-dumping duties later this year.
The world’s largest photovoltaic solar module maker would be able to skirt around the U.S. duties by shipping its products from other manufacturing bases outside China, Chairman and Chief Executive Zhengrong Shi told Reuters in an interview.
“There will be ups and downs happening in the industry, but the overall trend is clear – that we will have to rely increasingly on solar power as an alternative source of energy,” said Shi, known in the solar industry as China’s sun king, during the 2012 Boao Forum for Asia in Hainan.
Global solar companies such as Suntech, First Solar Inc (FSLR.O), Trina Solar Ltd (TSL.N) and Canadian Solar Inc (CSIQ.O) all reported losses for 2011 due to aggressive pricing and a supply glut eroding margins.
Suntech’s New York-listed shares have risen by a third since the beginning of the year, although industry difficulties had caused its stock to plummet more than 70 percent in 2011.
“It’ll be tough for the industry to return to profit in the first half because of falling prices and margins, while operational costs haven’t been dropping fast enough,” Shi said.
In the fourth quarter, Suntech reported a net loss of $136.9 million compared with a profit of $358 million a year earlier, with a gross profit margin of 9.9 percent.
“BAD LUCK” ON U.S. DUTIES
The first quarter will be weak, with shipments seen down by about 30 percent from the previous quarter and profit margins falling to 3-6 percent from 9.9 percent in the last three months of 2011. Shi expects shipments to begin rising sequentially starting in the second quarter.
Suntech will cut down its inventory in the first quarter due to market uncertainties, such as a decision by the United States to slap it with a 2.90 percent duty. Trina Solar, another Chinese solar module make, was levied 4.73 percent.
All other Chinese solar panel producers and exports received a preliminary rate of 3.59 percent.
“It’s bad luck,” 49-year-old Shi said of the U.S. duties.
“We are controlling our inventory now. We would rather forgo some opportunities than take any risks,” said Shi, who founded Suntech in 2001 after studying about solar power in Australia.
However, he said the biggest uncertainty was in China, where fierce competition among too many players has led to a plunge in solar module prices, even though solar demand will hit 4-5 GW this year, exceeding the government’s target of 3 GW.
Despite being the biggest player in China, Suntech is only targeting less than 10 percent of the market, Shi said.
“There is irrational pricing in China and it’s prompting us to be more cautious in assessing new projects,” the China-born Australian said.
Shi said prices of polysilicon – the raw material used to make solar cells – should stabilize at $30 per kg in the long term to be conducive for the entire solar industry.
A frenzy in solar power demand has pushed up prices to around $500 a kg in 2008 before the global financial crisis struck. An oversupply then pushed prices down to around $20.
“That explosion phase is gone,” Shi said.
(Editing by Paul Tait)
Article source: http://www.reuters.com/article/2012/04/03/us-suntech-idUSBRE83206420120403
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The Responsible Summer Job campaign is named the non-profit communication …
April 3, 2012 by admin
Filed under Uncategorized
Alma Media Corporation Press Release April 3, 2012, at 10.00 (EEST)
THE RESPONSIBLE SUMMER JOB CAMPAIGN IS NAMED THE NON-PROFIT COMMUNICATION ACTIVITY OF 2011
The Finnish Children and Youth Foundation, Alma Media and Monster.fi’s Responsible Summer Job 2011 campaign was selected as the non-profit communication activity of 2011. The jury gave special credit to the campaign for providing more opportunities and better future prospects for young people. The best non-profit communication activity is selected annually by Yhteiskuntaviestinnän yhdistys (the Finnish Association of Non-profit Communication). The summer job campaign shared first prize with EHYT Ry’s (Preventive Work in Substance Abuse) campaign, which seeks to ban aspirational advertising of alcohol.
“Youth employment is one of the most important things for balanced social development, both in Finland and around the world. If we cannot offer opportunities for the young now, in a couple of years we will be facing a challenge on a significantly larger scale. This recognition is a sign telling us that the theme we are dealing with in our campaign is highly topical. Warm thanks to the companies involved – this prize is for the most part a recognition of their foresightedness!” says Sari Baldauf, the face of the campaign in 2011.
The Responsible Summer Job 2011 campaign challenged employers to provide more and better jobs for young people. All employers ready to commit to the principles of responsible summer jobs are welcome to join the campaign. Seventy-four employers participated in the campaign, and the total number of summer jobs was almost 16,000.
Youth employment has been the topic of many debates lately and reducing unemployment is one of the central actions in the Finnish government’s plan to prevent social exclusion. For the young, the first work experiences gained in summer jobs or internships are important steps in moving towards the job market. The Responsible Summer Job campaign highlights the fact that young people should be able to develop their expertise and work experience starting from their first job.
The campaign will grow in 2012
The campaign continues in 2012 and aims to double the number of participants and its media visibility from last year. In addition to Alma Media and Monster.fi, the campaign features Sonera as the main partner, as well as several new experts and partner companies. The leading figure for the campaign in 2012, the Chairman of the Board of the Confederation of Finnish Industries Ole Johansson, stresses the employers’ role in coaching young people in preparation for working life:
“We want to remind companies of their responsibility for raising a new generation of employees. Finland cannot afford to lose the expertise or the contribution of a single individual. A summer job is the most secure way of giving a young person a chance to learn new things and start a career.”
Further information
Antti Järventaus, Development Manager, Finnish Children and Youth Foundation, tel. +35850 364 6410
Riikka Poukka, Corporate Responsibility Manager, Alma Media Corporation, tel. +35810 665 2800
Maria Soini, Marketing Manager, Monster.fi, tel. +35810 665 2723
Link: Campaign website: www.nuori.fi/kesaduuni (in Finnish).
The Finnish Children and Youth Foundation in brief
The Finnish Children and Youth Foundation is an expert in young people’s life skills, promoting children and young people’s well-being and preventing problems. The foundation, which was set up in 2001, operates in Finland as well as in several developing countries. The FCYF challenges companies to put efforts into increasing the life quality of young people and offers them ways to execute their corporate responsibility. Read more: www.nuori.fi.
Alma Media in brief
Alma Media is a continually renewing media company whose best-known brands include Aamulehti, Iltalehti, Kauppalehti and Etuovi.com. Alma Media employs around 3,000 professionals. Net sales amounted to EUR 316.2 million in 2011, and operating profit was 13.3 per cent of net sales. Alma Media’s shares (ALN1V) are listed on the Helsinki Stock Exchange of the NASDAQ OMX. Read more: www.almamedia.com.
Monster in brief
Monster is the world’s largest online job search service and the market leader in its field in Finland. Monster.fi attracts over 90,000 unique visitors with per week (TNS). You can search for jobs through Monster in over 60 countries. Monster’s owners are Alma Media Corporation (75%) and Monster Inc. (25 %). Read more: www.monster.fi.
Business partners
Several players who share an interest in young people’s job opportunities are involved in making the campaign happen. The unions involved are the Confederation of Finnish Industries (EK), the Economic Information Office (TAT), the Finnish Association for Human Resource Management – HENRY ry, ProCom – the Finnish Association of Communications Professionals and the Finnish Business Society ry (FiBS). The student unions The National Union of University Students in Finland SYL, The Union of Students in Finnish Universities of Applied Sciences SAMOK and the Finnish Vocational Students’ Association SAKKI will speak for young people. The campaign is also supported by ABB, DNA, YIT and ISS services.
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Alma Media Oyj via Thomson Reuters ONE
Article source: http://www.reuters.com/article/2012/04/03/idUS56000+03-Apr-2012+HUG20120403
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Formosa Plastics’ Units Miss Profit Estimates on Rising Costs
April 3, 2012 by admin
Filed under Uncategorized
Formosa Plastics Group’s four
biggest units reported lower-than-expected first-quarter profits
because of increased costs and the Taiwan government’s control
on fuel prices.
Oil refiner Formosa Petrochemical Corp. (6505) posted a pretax
profit of NT$4.87 billion ($165 million) in the three months
ended March 31, down 76 percent from NT$20.1 billion a year
earlier, its parent said in a statement today. The average of
four analyst estimates compiled by Bloomberg was NT$5.32
billion. Plastics processor Nan Ya (1303) Plastics Corp. reported a
profit of NT$1.7 billion, missing the NT$4.82 billion analysts
estimated.
Crude oil rose in the first quarter on U.S. economic
recovery and sanctions targeting Iran, increasing costs for
refiners and petrochemical makers. Taiwan’s government
restricted fuel-price gains by state-run CPC Corp. to stall
inflation, eroding profit margins of the refiner and Formosa
Petrochemical, which followed its larger peer in price changes.
“Formosa Petrochemical didn’t make much money from oil
products in the first quarter,” said Max Chan, a Taipei-based
analyst at Capital Securities Corp. with a “buy on weakness”
rating on the stock. “Petrochemicals rose, but costs rose
more.”
Chemical producer Formosa Chemicals Fibre Corp. (1326) posted a
pretax profit of NT$3.67 billion in the first quarter. The
average of five analyst estimates compiled by Bloomberg was
NT$6.02 billion.
Polyvinyl chloride maker Formosa Plastics Corp. (1301) posted a
pretax profit of NT$5.43 billion, less than the NT$8.19 billion
average of two analyst estimates compiled by Bloomberg.
To contact the reporter on the story:
Yu-huay Sun in Taipei at
ysun7@bloomberg.net
To contact the editor responsible for this story:
Amit Prakash at
aprakash1@bloomberg.net.
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Article source: http://www.bloomberg.com/news/2012-04-03/formosa-plastics-units-miss-profit-estimates-on-rising-costs.html
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Profit-taking drags KSE down by 98 points
April 3, 2012 by admin
Filed under Uncategorized
Profit-taking drags KSE down by 98 points
KARACHI: The Karachi stock market faced a bearish trading session on the first trading day of the week Monday as protests on hike in local POL prices, gas supply curtailment in the fertilizer sector, prevailing law and order concerns in the city and delay in revised capital gains tax (CGT) regime propelled investors to go for profit-taking.
The Karachi Stock Exchange (KSE) 100-share index declined 98.44 points or 0.72 percent to close at 13,663.32 points as compared to 13,761.76 points of the previous session. The KSE 30-share index shed 88.12 points to close at 12,026.01 points as compared with 12,114.13 points.
Analysts said that cement and banks sectors remained in the limelight during the session.
The market turnover slumped 23.81 percent and traded 315.36 million shares after opening at 413.94 million shares. The overall market capitalisation declined 0.69 percent and traded Rs 3.504 trillion as against Rs 3.528 trillion. Losers outnumbered gainers 163 to 135, while 64 stocks were unchanged.
“Stocks closed lower at KSE on institutional profit-taking after the quarter-end close,” said Arif Habib Investments Ltd Director Ahsan Mehanti. “Protests amid hike in local POL prices, gas supply curtailment in fertilizer sector, law and order concerns in the city and concerns over delay in revised CGT regime played a catalyst role in bearish sentiment at KSE.”
Uncertainty in global stocks and commodities on growth worries across the globe and limited foreign interest affected the sentiment, he added.
The KMI 30-share was down by 138.81 points to close at 23,433.16 points from its opening at 23,571.97 points. The KSE all-share index closed with a loss of 65.43 points to 9,584.52 points as against 9,649.95 points.
“After a gain of 4.0 percent last week, investors preferred to book profits,” said Topline Sec analyst Samar Iqbal. “Dewan Cement and Lafrage Cement remained in the limelight as investors hoped that 2012 will bring a turnaround in their profits.”
JSCL after a substantial gain in last few weeks closed at its lower limit, he said and added that lower-than-expected inflation numbers for March did not have any impact on the market sentiments.
Dewan Cement was the volume leader in the share market with 34.29 million shares as it closed at Rs 4.97 after opening at Rs 4.17, gaining 80 paisas. Jahangir Siddiqui and Co traded 30.28 million shares as it closed at Rs 20.69 from its opening at Rs 21.76, shedding Rs 1.07. Lafarge Pakistan traded 25.19 million shares and closed at Rs 4.89 as against its opening at Rs 4.82, rising seven paisas. JS Bank Ltd traded 22.23 million shares as it closed at Rs 6.64 as compared to its opening at Rs 6.91, decling 27 paisas. staff report
Home |
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Article source: http://www.dailytimes.com.pk/default.asp?page=2012%5C04%5C03%5Cstory_3-4-2012_pg5_18
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Nikkei could be capped by profit-taking on yen
April 3, 2012 by admin
Filed under Uncategorized
TOKYO |
TOKYO (Reuters) – Japan’s Nikkei average is seen lacking firm direction on Tuesday, caught between strong economic data in the United States and China, two key export markets, and the risk that some investors see recent yen gains as a reason to lock in profits.
Market players expected the Nikkei to trade in a range of 10,050 to 10,150 after Nikkei futures in Chicago ended at 10,100, down 10 points from the close in Osaka of 10,110.
Kenichi Hirano, operating officer at Tachibana Securities, said pension funds, life and non-life insurance firms were likely to be buyers at the beginning of the new financial year in Japan.
“Of course, new money from pension funds are expected to come in, but there will be small allocation buying… supply/demand conditions are expected to improve compared to March,” he said.
Hirano said while foreign investors had been net buyers of Tokyo stocks this year as some raised the weighting of Japanese equities in their global allocation, many foreign funds and hedge funds were still content to sit out of the market.
The dollar last traded at 82.12 yen, close to a three-week trough of 81.82 hit on Friday, and strategists said that could push investors to take profits in a market that has risen more than 19 percent this year.
But market participants said the Nikkei was unlikely to fall below 10,000 as many investors were looking to buy on dips.
All three U.S. indexes gained overnight, with the SP 500 .SPX hitting a fresh four-year closing high, buoyed by better-than-expected U.S. manufacturing data which followed a rise in China’s Purchasing Managers’ Index to an 11-month high.
Manufacturing activity in the euro zone, however, contracted for the eighth straight month in March, underlying the uneven pace of the global economic recovery.
On Monday, the benchmark Nikkei .N225 ended up 0.3 percent to 10,109.87, while the broader Topix index .TOPX added 0.2 percent to 856.05.
Wall St starts second quarter with rally .N
Euro slips on European manufacturing, yen climbs FRX/
Prices gain as quarter-end selloff seen overdone US/
Gold pushes higher with oil, stocks on data GOL/
Oil rises 2 pct on N.Sea delays, U.S. data O/R
STOCKS TO WATCH
– OLYMPUS (7733.T)
Olympus Corp is expected to determine whether to turn to a capital tie-up before the end of June this year, the company’s executive officer told the Nikkei business daily.
– NIPPON STEEL (5401.T)
Nippon Steel Corp has revalued its appraisal loss on its shareholdings for the year ended March 31 to 3.8 billion yen ($46.2 million), much less than the 84.6 billion yen Japan’s No.1 steel maker it had booked previously.
– SONY (6758.T), TOSHIBA (6502.T), HITACHI (6501.T)
A joint venture group between Toshiba Corp, Hitachi Ltd, and Sony Corp will begin manufacturing OEL (organic electroluminescence) panels as early as 2013 to compete with South Korea’s Samsung, the Nikkei daily reported.
– SMFG (8316.T)
Sumitomo Mitsui Financial Group leapt into second place in Japan’s equity capital market rankings, buoyed by winning one of a handful of major share sales in the first quarter of 2012 only three years after entering the market.
– KAWASAKI KISEN (9107.T)
Kawasaki Kisen Kaisha Ltd said after the bell on Monday its appraisal loss for its investment securities had shrunk to 1.3 billion yen ($15.80 million) from a previously estimated 15.7 billion yen on the back of the broader market upturn. ($1 = 82.2950 Japanese yen)
(Reporting by Mari Saito; Editing by John Mair)
Article source: http://www.reuters.com/article/2012/04/02/us-markets-japan-stocks-idUSBRE83117C20120402