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Market Update

Europe Earnings: BT Group, LVMH Net Rise; Electrolux Swings to Loss


Author: Nigel Thomas
ticker.com
Last Update: 10:05 AM ET January 31 2014

3:40 PM Frankfurt BT Group profit jumped 6% to 617 million. Electrolux said net in the quarter swung to a loss. LVMH net rose to 3.4 billion and revenue jumped 4% to 29 billion. Shell plans to sell its 23% stake in Brazil offshore oilfield to Qatar Petroleum for $1 billion.

In London trading, FTSE 100 index dropped 1.4% or 89.32 to 6,449.13 and in Frankfurt the DAX index declined 1.8% or 163.94 to 9,209.54.

In Paris, CAC 40 index slumped 1.4% or 56.76 to 4,123.26.

BT Group Plc jumped 2.2% to 379.10 pence after the U.K.-based phone company said revenue in the third-quarter ending in December rose 2% to 4.60 billion from 4.53 billion a year earlier.

Profit in the quarter jumped 6% to 617 million compared to 583 million and earnings per share increased to 6.3 pence from 5.7 pence a year ago period.

Electrolux AB plunged 8.3% to 140.10 kronor after the Sweden-based household appliances maker reported net sales in the fourth-quarter ending in December fell 1% to 28.89 billion kronor from 29.19 billion kronor a year ago.

Net in the quarter swung to a loss 987 million kronor compared to a profit of 242 million kronor and loss per share was 3.44 kronor compared to profit of 0.84 kronor a year ago.

The company said the results reflected restructuring charges of 1.49 billion kronor and impairment charges of 906 million kronor.

LVMH climbed 7% to 130 after the France-based luxury-goods maker said revenue in the year ending in December jumped 4% to 29.1 billion from 28.1 billion a year earlier.

Net profit for the year rose 0.4% to 3.44 billion compared to 3.42 billion a year ago.

Royal Dutch Shell Plc dropped 2% to 2,104 pence after the U.K.-based oil and gas refiner plans to sell its 23% holding in oilfield off Brazil to Qatar Petroleum International Ltd. for about $1 billion.

Shell will retain 50% stake and will continue to operate the field.

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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