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Market Update

Lufthansa Net Surges, Moller-Maersk Struggles as Oil Shipping Revenues Loss


Author: Sarla Buch
ticker.com
Last Update: 6:52 PM ET November 02 2016

4:00 PM Frankfurt A.P. Moller-Maersk profit tumbled 43% on 9% decline in revenues. Security services provider G4S said revenues soared 6% to 4.8 billion. Deutsche Lufthansa profit surged 79% but the airline lowered revenues forecast. Hugo Boss net plunged 9%. Smurfit Kappa profit soared 22%.

In London trading, FTSE 100 index slumped 57.09 or 0.8% to 6,859.58 and in Frankfurt the DAX index declined 154.56 or 1.5% to 10,371.51.

In Paris, CAC 40 index dropped 54.24 or 1.2% to 4,416.04.

A.P. Moller-Maersk A/S plunged 6.8% to Danish kronor after Denmark-based container shipping group reported revenues in the third-quarter ending in September declined 8.9% from a year ago to $9.2 billion.

Net profit in the quarter tumbled 43.2% from a year ago to $429 million compared to the $755 million and diluted earnings per share slumped to $21 from $36.

G4S Plc surged 9.7% to 241.40 pence after the U.K.-based security services provider said revenues in the nine-month ending in September soared 5.7% to 4.82 billion mainly due to the group secured new contracts with annual revenues of about 1 billion and total contract value of 2 billion.

Deutsche Lufthansa AG dropped 3.1% to 11.11 after Germany-based airline group said total revenues in the third-quarter ending in September slipped 1.2% from a year ago to 8.83 billion.

Net profit in the quarter surged 79.1% from a year ago to 1.4 billion compared to the 794 million and diluted earnings per share jumped to 3.06 from 1.72.

The airliner said traffic revenues in the quarter slumped 3.7% to 7.04 billion but total number of passengers increased 1.9% to 32.69 million.

Deutsche Lufthansa forecasted revenues in the fourth-quarter to drop between 7% and 8%.

Hugo Boss AG jumped 5.6% to 11.11 after Germany-based luxury casual sports clothing and evening wear maker reported total revenues in the third-quarter ending in September plummeted 6% from a year ago to 703 million.

Net profit in the quarter plunged 9% from a year ago to 80.6 million compared to the 88.5 million and diluted earnings per share decreased to 1.17 from 1.28.

The luxury fashion brand maker reaffirmed operating profit in the year to decline in the range of 17% to 23%.

Next Plc increased 3.7% to 4,988 pence after the U.K.-based speciality and home products retailer reported said sales in the third-quarter dropped 3.5% from a year ago period.

The retailer tightened full-year sales estimate 1.75% decrease to 1.25% increase compared to the previous range of 2.5% fall to 2.5% growth.

The retailer also lowered fiscal 2017 pre-tax profit forecast between 785 million and 825 million from 775 million and 845 million.

Smurfit Kappa Group Plc advanced 4% to 1,831 pence after the Ireland-based packaging products maker stated revenues in the third-quarter ending in September increased 1% from a year ago to 2.1 billion.

Net profit in the quarter soared 22.3% from a year ago to 137 million compared to the 112 million and diluted earnings per share rose to 0.56 from 0.46.

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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