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Market Update

French Retailers Casino, Auchan in Partnership Talk


Author: Sarla Buch
ticker.com
Last Update: 10:42 AM EDT April 03 2018

4:00 PM Frankfurt Adesso profit declined but revenues soared 23%. Groupe Casino in partnership talks with Auchan Retail and profit tumbled 95%. CPI Property profit soared 51% on 25% jump in revenues. Eurofins Scientific fell after acquisition of South Korea-based rival Lab Frontier.

In London trading, FTSE 100 index fell 35.11 or 0.5% to 7,020.50 and in Frankfurt the DAX index slipped 81.65 or 0.7% to 12,016.41.

In Paris, CAC 40 index decreased 14.11 or 0.3% to 5,153.19.

Adesso AG slipped 0.5% to 59.50 after Germany-based software developer said revenues in the year ending in December jumped 23% from a year ago to 321.6 million.

Net income in the year declined 10% to 11.3 million from 12.6 million in a year ago period and diluted earnings per share dropped to 1.78 from 2.10.

Adesso said operating profit in the year soared 8% to 25.4 million from a year ago period.

In fiscal 2018, the software provider forecasted revenue growth of 9% to 350 million and operating profit to jump 9 % to 27.7 million

Casino Guichard Perrachon SA fell 1.5% to 39.23 after France-based grocery retailer today entered into preliminary talks with supermarkets operator Auchan Retail to build global partnership for their food and non-food purchases from national or international manufacturers.

Auchan Retail reported net sales in the fiscal 2017 of 52 billion from 3,778 outlets.

Groupe Casino Yesterday reported net sales in the year ending in December jumped 5% from a year ago to 37.8 billion.

Net income in the year tumbled 95.5% to 120 million from 2.7 billion in a year ago period but operating profit surged 86.3% to 762 million from the same period a year ago.

The grocery retailer estimated fiscal 2018 food retail sales to grow more than 10% and operating profit to increase 10%.

CPI Property Group, Germany-based real estate developer said total revenues in the year ending in December soared 25% from a year ago to 438 million.

Net income in the year surged 51% to 695 million from 460 million in a year ago period.

The home builder said operating profit after net valuation gain in the year jumped 60% to 1.01 billion and the builder also completed the acquisition of 11 shopping centers. Pretax profit advanced 55% to 841 million from a year ago period.

Eurofins Scientific SE slipped 1.2% to 423.80 after Germany-based worldwide laboratory testing services provider said it had successfully acquired South Korea-based rival Lab Frontier Co., Ltd along with its affiliate subsidiary Young In Group.

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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