Berkshire Hathaway recorded 58% profit decrease
The Warren Buffett's conglomerate - Berkshire Hathaway Inc announced that first-quarter profit fell 58% from a year earlier because of insurance losses from major natural disasters in Japan, New Zealand and Australia. The investors company made large lost in forex tranding. Spread Betting and Forex Reviews are showing bad investing of the company and this caused big loses of the Warren Buffett's fund. But this was not the worst department in the company.
The Berkshire's net earnings for the quarter ending in March amounted to 1.5 billion dollars or 917 dollars per share and year earlier it was 3.6 billion, or 2,272 dollars per share. The revenue rose to 33.7 billion dollars to 32 billion a year ago. The biggest problem in the quarter results are insurance losses worth $ 1.7 billion related to the earthquake and tsunami in Japan on March 11 earthquake in New Zealand on 22 February and floods in Australia.
"This probably was the second worst quarter for the insurance industry to disasters worldwide", said Buffett in front of the shareholders.
Despite losses in the insurance business conglomerate has contributed 131 million dollars in net profit for the quarter of Berkshire, which is significantly less than $ 1.2 billion a year earlier.
Yahoo reported 28% profit decrease
The Yahoo's net profit fell 28 percent in the first quarter, but exceeded market expectations, while the company struggles to increase its share of the market for Internet advertising. For this purpose, Yahoo has partnered with Microsoft, seeking to improve its search technology. So far, however, the changes have not yet begun to pay off, state by Yahoo. The profit of the Internet company during the first quarter was 223 million dollars, or 17 cents a share, compared with 310 million dollars, or 22 cents a share, for the same period a year ago. The Yahoo's quarterly results surpassed analysts' forecasts and sent its shares up by 5.1 percent to 16.94 dollars in morning trade on Wall Street. The mixed data on development at Yahoo come two years after CEO Carol Bartz took the lead in trying to revive growth.
Bartz told reporters that the company's revenue will not return to levels prior to the deal with Microsoft before the end of this year. The net revenues of Yahoo, which excludes commissions paid to partner sites, totaled 1.06 billion dollars for the quarter to 31 March, which exceeded market expectations, but 6% less than last year's revenues of 1.13 billion dollars.
Alpha Bank reported large profit decrease for 2010
The Greek Financial Group - Alpha Bank reported a sharp drop in profits last year after the deepening economic crisis in the country affected the growth of bank lending and increase reserves to cover problem loans. The third largest Greek lender has realized a net profit of 85.6 million for 2010 compared with a positive financial result of 349.8 million for 2009, writes Financial Times. The profit decreased sharply by 75.5 per cent, which contributes one-time tax of 61.8 million imposed by the government to curb the budget deficit. The Greek government, the country's international creditors, the European Commission and the International Monetary Fund (IMF) urged banks in Greece to unite to strengthen investor confidence to them and reduce their dependence on funding from the European Central Bank. The management of Alpha Bank, however, are adamant that merger talks with its larger rival National Bank of Greece have ended without success and will not be renewed. According to Alpha Bank was too risky to negotiate a merger at this stage because of the unstable economic environment. From Alpha Bank has indicated it will focus on reducing the cost and level of indebtedness to increase their liquidity. The provisions of the Bank's bad loans rose to a record 2.2 billion last year. Problem loans increased by 40% in 2010 amid debt crisis in the country. Their share of total loans reached 8.2 percent in the fourth quarter of last year compared with 5.7 percent a year earlier.
Viacom with 12% profit decrease
The profit of the U.S. media company Viacom declined for the quarter to 31 December, which is a fiscal first group, 12% because of weak sales of DVD unit Paramount Pictures. The earnings of Viacom are 610 million dollars, or $ 1 per share, compared to 694 million dollars or 1.14 dollars per share, a year earlier. The revenue fell 4.8 percent to 3.83 billion dollars in the expectation of 4.07 billion dollars. In addition to Paramount company also owns television channels like MTV and Comedy Central, which is performing well. Revenue there grew by 5.6 percent, and profit - by 7%. advertising revenues of television unit increased by 10% in the U.S. and 7% globally. The rival of Viacom - Time Warner, however, reported very strong growth - with 21% in advertising revenue for your business with TV channels. The revenues of Paramount Pictures fell 16% and profit - by 77%.
The profit of Toyota with 48% decrease in the last quarter
The number 1 Manufacturer of cars in the world - Japanese giant Toyota, has announced its profits decline by 47.6 percent annually in the last quarter of 2010. This is mainly due to declining sales and heavy reliance on external markets. The operating profit at Toyota for the period October-December 2010 was 99.07 billion yen, which is lower than realized a year earlier 189.1 billion yen. Net income did shrink from 93.63 billion yen to 38.9 billion yen. For the fiscal year that the company ends on 31 March, Toyota expects a profit of 550 billion yen, well above previous expectations of 380 billion yen. Analysts forecast the company's operating profit to reach 489 billion yen. The increased forecast comes despite another need to download cars from the market because of technical defects. The expectations are sales globally would amount to 7.48 million, an increase over the previous year when they were 7.41 million for the U.S. market is not expected to change, set forth the sale of 2.09 million vehicles . There is some movement of the internal market in Japan is expected to sell 2.02 million cars.
The profit of Boeing decreased
The U.S. aviation company Boeing announced that its profit for the fourth quarter of 2010 declined due to reduction of supply of commercial planes last year. The management of Boeing predicts that profits will likely suffer, and in the current quarter because of delays in deliveries of the aircraft Dreamliner 787. The net profit for the period from October to December amounted to 1.16 billion dollars or 1.56 dollars per share, compared with 1.27 billion dollars or 1.75 dollars per share, a year ago. Excluding the one-off income and expenses, net profit to Boeing amounted to 1.11 dollars per share, which meet market expectations of economists surveyed by Thomson Reuters. The company forecast earnings per share for 2011 between 3.80 and 4.00 dollars, which was weaker than market expectations for earnings of 4.55 dollars. Boeing states that the financial results for the current quarter may be affected by increased costs for pension accounts of employees, delayed deliveries Dremliner 787 and shrinking defense spending. The company recently delayed the first deliveries of the first Dreamliner for the third quarter of 2011. Its revenue in the fourth quarter of 2010 decreased by 8% yoy to 16.55 billion dollars, which also proved to be below market forecasts.
Amazon’s profit strongly decreased
The shares of the U.S. company Amazon collapsed by 9.4 per cent at the end of yesterday's session of the Stock Exchange in New York. The reason for this was information that the profit for the first quarter might be lower than analysts' expectations. The management forecast is that this quarter operating profit will be within the 260-385 million dollars, says a company release. When revenues are expected to 9.1 billion dollars. This is well below expectations for operating profit of 474 million dollars and revenue to 9.36 billion dollars projected by analysts. The surprising new result in massive sales and extended period of trading in New York shares of Amazon lost 17.3 dollars to 167.15 dollars per share. Thus growth was deleted from 5.1 per cent achieved in the framework of regular trading. The Amazon's profits for the last quarter of 2010 amounted to 416 million dollars, or 91 cents a share. This is 8 percent more than the result for the same period of 2009. The sales even increased by 36 percent to 12.9 billion dollars. The expectations were for earnings of 88 cents per share and revenue of $ 13 billion. The investors were disappointed by the contraction in operating margin to 3.7 per cent after the end of 2009 it was 5 percent.
The profit of Goldman Sachs decreased with 53%
The U.S. bank Goldman Sachs reported a significant decline in profit for the last quarter of 2010 and revenues were below expectations of market analysts. This caused a decline in the share price of Goldman from 2,7 per cent before the start of today's session of the Stock Exchange in New York. Profits at Goldman Sachs for the fourth quarter of 2010 was 2.23 billion dollars or 3.79 dollars per share. This is 53% weaker result achieved for the same period of previous year 4.79 billion profit, which equals 8.20 dollars per share. The revenues of the bank has dropped by 10 percent annually to 8.64 billion dollars. The preliminary estimates of analysts was for earnings of 3.76 dollars per share on total revenues of $ 9 billion. The net revenue from trading fixed income instruments, currencies and raw materials has shrunk by 39 percent compared to the third quarter of 2010 and amounted to 1.64 billion dollars. This, according to the bank due to "weakness among customers. With a major contribution to reduced earnings are payments to the U.S. government. Goldman Sachs paid significant dividends on preferred shares issued in favor of the state in return received the 2008 bailout.
In Walt Disney are optimisits after 7% decrease of the profit
The media company Walt Disney announced that its profit fell by 6.7% yoy in the fourth for her fiscal quarter ended October 2nd. However, in Walt Disney remain optimistic and expect an increase in advertising revenue and increased attendance at its amusement parks. As a result, shares of Disney with a 1.7 percent rise in price to 36.65 dollars in the hours after the regular session of the New York Stock Exchange. The net income declined to 835 million dollars, or 43 cents a share, from 895 million dollars (47 cents per share) for the same period last year. The presentation of Walt Disney was weaker than market expectations, due partly to the fact that part of the revenues for pay-TV services for ESPN sports channel were recorded earlier than in 2009. Excluding one-off income and expenses, earnings per share amounted to 45 cents, which does not meet the average estimates of analysts for earnings of 47 cents per share. The company's revenues decreased by 1.3 percent annually to 9.74 billion dollars, which also proved to be less than analysts estimated $ 10 billion. Film studio on the California-based company earned a profit of 104 million versus a loss of $ 13 million for the same period last year. The gain is due to good revenue from the films "Toy Story 3" and the release of the movie "Iron Man 2" on DVD. Revenue rose in the studio with 6.4 percent annually to 1.59 billion dollars.
EFG Eurobank with 61% profit decrease
The Greek bank EFG Eurobank announced its profits drop 61 percent in the second quarter on an annual basis. The main reason for this state increased provisions to cover bad loans, says Wall Street Journal. Earnings per second largest Greek bank's assets amounted to EUR 34 million after the second quarter of the year it was 88 million euros. Analysts estimates were for a profit of 31.9 million. The provisions for bad loans rose 21 percent to 346 million, the report shows. Expectations were for a more limited growth to 345.2 million. Net interest income Eurogank EFG for the second quarter fell by 4.9 percent annually to 561 million. Markets, however, expected that this indicator amounted to 568.6 million. In the first half year performance in Central and Eastern Europe is improving, it has achieved a profit of 12 million. For the first half of last year the region has brought loss of 26 million. Earlier this week, the other leading Greek banks also have announced their results. Piraeus has managed to achieve a profit of 3 million, while National Bank of Greece suffered a profit decline of 68 per cent.
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