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Market Update

Europe Earnings: HSBC, Sanofi, Veolia


Author: Nigel Thomas
ticker.com
Last Update: 2:45 AM ET August 05 2013

3:20 PM Frankfurt HSBC Holdings revenue dropped 7% but profit climbed 10% to 7.35 billion. Sanofi net sales declined 7.5% and profit for the first-half plunged 51% to 1.45 billion. Veolia net profit in the first-half plunged.

In London trading, FTSE 100 index fell 0.9% or 57.26 to 6,591 and in Frankfurt the DAX index slid 0.4% or 35.90 to 8,371.

In Paris, CAC 40 index inched up 0.04% or 1.71 to 4,047.

HSBC Holdings Plc declined 4.8% to 717.20 pence after the UK based bank reported revenue in the first-half ending in June dropped 7% to 22.4 billion. Profit for the period climbed 10% to 7.35 billion and diluted earnings per share were 0.35 from a year ago.

Profit for the first-half of UK retail banking arm surged 58% to 524 million and profits in business doubled to 582 million and lender provided 7.1 billion of new mortgages to 68,000 homebuyers. Provisions for bad debts declined 29% to 2 billion.

Sanofi SA rose 0.2% to 76.50 after the France based healthcare company said net sales in the first-half declined 7.5% to 16.1 billion from 17.4 billion. Net income for the period plunged 51% to 1.45 billion compared to 2.96 billion and diluted earnings per share declined 1.08 from 2.23 a year earlier.

Veolia Environnement VE SA, climbed 3.2% to 14.04 after the France based environmental management service said revenue in the first-half fell 3.7% to 11.07 billion compared to 11.45 billion. Net profit in the first-half plummeted 53.6% to 88.3 million compared to 190.5 million.

Adjusted operating income climbed 28% to 539 million.

As of June 30, net financial debt dropped to 10 billion.

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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