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Market Update

Europe Earnings: Cineworld, H & M Hennes, Oriflame, Zurich Insurance

Author: Nigel Thomas
Last Update: 11:14 AM ET August 15 2013

4:00 PM Frankfurt Cineworld profit surged as sales soared 22%. H & M Hennes said comparable sales in July slid 1%. Oriflame Cosmetics plunged 27%. Ophir Energy net loss in the first-half narrowed. Zurich Insurance profit slid 17% to $1.85 billion.

In London trading, FTSE 100 index dropped 1.7% or 110.53 to 6,477 and in Frankfurt the DAX index declined 1.3% or 106.33 to 8,332.

In Paris, CAC 40 index slipped 1.1% or 45.61 to 4,069.

Cineworld Group Plc rose 0.6% to 396.73 pence after the UK based films exhibitor said group revenue in the first-half ending on June 27 soared 21.9% to 201.6 million from 165.4 million a year ago. Net income for the period nearly doubled to 13.5 million compared to 7.6 million and diluted earnings per share rose 7.9 pence from 6.7 pence a year earlier.

Total revenue from Cineworld Cinemas segment climbed 10.5% as average ticket price rose 4.7% to 5.39 from 5.15 a year ago period and total revenues from the Picturehouse segment jumped 6.7% as average ticket price grew 1.4% to 6.19 from 6.03 in last year.

The film exhibitor said profit before tax surged 24.1% to 16.5 million.

H & M Hennes & Mauritz AB slipped 1.9% to 241.20 kronor after the Sweden based clothing retailer reported comparable sales in July slid 1% from increase of 9% in the same month of a year ago.

Oriflame Cosmetics SA declined 6.1% to 203.20 kronor after the Luxembourg based cosmetics maker said sales in the first-half fell 1% to 741 million from 769.3 million a year ago. Net profit for the period plunged 27.2% to 47.9 million compared to 65.8 million and diluted earnings per share slipped 25.2% to 0.86 from 1.15 a year earlier.

The Oriflame said operating margin in the first-half 9.8% but operating profit dropped 20.2% to 72.5 million compared to 90.9 million a year ago period.

Ophir Energy Plc plunged 10.7% to 348.10 pence after the UK based oil and gas explorer said revenue in the first-half ending in June slid 0.1% to $822 million from $777 million a year earlier. Net loss for the period narrowed to $20.5 million compared to $24.5 million and diluted loss per share dropped 2.5 pence from 4.2 pence a year ago.

Zurich Insurance Group Limited dropped 3.8% to 242.50 francs Switzerland based insurer reported gross written premiums in the first-half ending in June grew 3% to $19.77 billion from $19.15 billion. Net income for the period declined 17% to $1.85 billion compared to $2.23 billion and diluted earnings per share slumped 17% to 11.70 francs from 14.05 francs a year ago.

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