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Market Update

Europe Earnings: Aviva, Deutsche Telekom, Ladbrokes, Rio Tinto


Author: Nigel Thomas
ticker.com
Last Update: 10:24 AM ET August 08 2013

3:20 PM Frankfurt Aviva revenues slid but pre-tax-profits climbed 96%. Deutsche Telekom net profit for the second quarter surged 10% to 530 million. Ladbrokes profit-after-tax declined 58%. Rio Tinto net tumbled 71% and agreed to provide bridge funding to Turquoise Hill.

In London trading, FTSE 100 index jumped 0.6% or 39.45 to 6,551 and in Frankfurt the DAX index climbed 0.9% or 71.77 to 8,332.

In Paris, CAC 40 index gained 0.7% or 27.78 to 4,066.

Aviva Plc surged 7.5% to 398.70 pence after the UK based insurance group said revenues in the period ending in June slipped 3% to 11.45 billion. Pre-tax-profits for the period climbed 95.8% to 605 million.

Operating profits for the period jumped 5% to 1 billion and value of new business soared 17% to 401 million.

Deutsche Telekom AG soared 6.1% to 9.60 after the Germany based phone company said net revenue in the second quarter climbed 5.4% to 15.16 billion from 14.38 billion. Net profit for the quarter surged 10% to 530 million compared to 530 million.

Adjusted net profit slid 1.5% to 810 million from 822 million and EBITDA dropped 4.5% to 4.03 billion from 4.22 billion.

The U.S. based T-Mobile, mobile phone services provider added new 688,000 contract users.

For the year, adjusted EBITDA for the group is expected at 17.5 billion and free cash flow of about 4.5 billion.

Ladbrokes Plc dropped 3.1% to 201.30 pence after the UK based gambling company revenue in the first-half jumped 6.4% to 563 million from 529 million. Profit-after-tax declined 58.4% to 47.2 million compared to 113.6 million and diluted earnings per share dropped 5.1 pence from 12.3 pence.

The company said group operating profit plunged 19.8% to 85.7 million.

Rio Tinto Plc gained 1.4% to 2,994.50 after the UK based mining company reported revenue in the first-half ending in June dropped 3.2% to $24.5 billion from $25.3 billion a year earlier. Net income for the period tumbled 71% to $1.72 billion compared to $5.88 billion and diluted earnings per share declined 92.6 cents from 315.7 cents a year ago period.

Separately, the mining company today agreed to provide bridge funding facility of $600 million to Turquoise Hill Resources to develop the Oyu Tolgoi mine in Mongolia. Rio Tinto owns nearly 50.8% stake in the Turquoise Hills.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc