Lloyds and Standard Chartered with good financial reports
Two more of the leading British banks have shown strong results for first half of 2010. After the best accounts of HSBC and the "bad bank" Northern Rock Asset Management, showed good performance today Standard Chartered and Lloyds Banking Group. Profit before tax of Standard Chartered rose by 10 percent annually for the first half on an annual basis, reaching 3.12 billion dollars. This is a strong result for the financial institution that generates over 80% of their revenues to the Asian market, reports suggests. A key event for the bank in the first half of the year is to raise 537 million dollars from the market in India, was carried listing of depository receipts that can be traded on the exchange. So Standard Chartered became the first foreign company that carried the Indian market. Profits of Lloyds Banking Group for the first six months amounted to 1.6 does billion pounds, which is a significant improvement over last year. Then it was reported a loss of 4 billion pounds. With a major contribution to the good profit of the bank 41 percent owned by taxpayers, is the reduction in appropriations to cover bad debts provisions. They have dropped from 13.4 billion to 6.5 billion pounds.
Profit of Chevron reached 5.4 billions USD
The second-largest U.S. oil company Chevron has managed to increase its profits tripled in the second quarter thanks to higher oil prices and increased production. Its net profit for the three months ended June 30 amounted to 5.41 billion dollars or 2.70 dollars per share. For the same period in 2009 Chevron has had positive financial result of 1.75 billion dollars, or 87 cents a share. The revenues of the California-based energy company rose to 53 billion dollars in the second quarter compared with 40.2 billion dollars a year ago. This is due to 3-percent increase in production and the price of oil and gas last year. Market analysts had expected Chevron to leave a profit of 2.43 dollars per share on revenue of 59 billion dollars. Its production of crude oil increased by 3 percent annually in the second quarter to 2.75 million barrels per day. Moreover, Chevron has suspended its three-year program to repurchase the shares for 15 billion dollars. Its leadership does not intend to repurchase additional shares in the current quarter. Shares of Chevron dropped by 0.9 percent to 75.35 dollars in early session today on the New York Petroleum Exchange in line with decreases of the U.S. indexes.
Starbucks profit is growing
The profit of U.S. coffee chain Starbucks has increased more than eight times annually during the second fiscal quarter (January to March) the company forward AP. The result is due to the larger number of customers during the period and the increase in their purchases. Starbucks efforts to help its international business and increase sales beyond their own sites have led to a profit of 217.3 million dollars for the quarter or 28 cents a share (29 before extraordinary expenses). For the corresponding period of last year was profit of only $ 25 million, ie increase 8.7 times. Meanwhile, sales revenue increased by 8.6 percent annually to 2.53 billion dollars. As sales and profits exceeded forecasts on Wall Street. Analysts interviewed by Thomson Reuters, predicted earnings of 2.41 billion and profit of 25 cents per share before exceptional costs. Starbucks increase and forecast annual profit to 1.19 to 1.22 dollars per share from the previous 1.05 to 1.08 dollars. The company announced that sales in sites open more than a year in the U.S. have increased by 7% in January-March For the same period last year was reported a decline of 3%. In this period, Starbucks has taken cuts in expenditure and closing sites.
The financial report of Volvo with high profit
The Swedish group Volvo, which is the second largest truck manufacturer in the world, pleasantly surprised the market on Friday, announcing stronger than expected quarterly results. After five consecutive quarters in the red company has failed to take account of profit for January-March 2010, amounting to 1.7 billion kronor (234 million), reported Bloomberg. The loss for the first quarter of 2009 was 4.2 billion kronor. The average estimates of analysts questioned by the agency were for straight loss - from 8 million kroner. Trucks and construction equipment contributed to 81 percent of the revenues of Volvo, which for the quarter are equal to total 58.61 billion kronor, or an increase of 4.5 percent annually. The company stated that improvement of its financial performance is largely due to the contraction of expenditure made by cutting thousands of jobs amid the financial crisis. With the improved economic situation to the demand for Volvo products has increased again, clear statement of the group. According to the manufacturer estimates the market for trucks in Europe will increase by 10% this year. So is expected to be growth in North America. The company used Cheap Mortgages given by the Swedish government, which made the financial report very good.
Unilever with unexpected high profit
The company production and sale of consumer goods Unilever gave further evidence that consumer demand has stabilized, which signals the passage of the global economic crisis. The main reason for good financial result was the Low Mortgage Rates and high incomes of the company. The Anglo-Dutch company has achieved profit growth of 33 per cent in the first quarter, realizing higher than expected increase in sales. This in turn sends a signal to increase the margin despite the high costs allocated to marketing activities, says the Wall Street Journal. Unilever is a profit of EUR 973 million after the same period last year it was 731 million. Organic sales, however, which do not reflect the impact of mergers and exchange rates have increased by 4.1 per cent. In the previous quarter they rose by only 1.8 per cent, and analysts now forecast to have increased by 3.5 per cent. "We show strong performances in all regions, strengthening their competitive positions. Growth was particularly strong in emerging markets, although there is a struggle to competitive products in strong, "said Unilever CEO Paul Pohlmann. Strong performance during the period have shown brands like Cif, Domestos, Lifebuoy and Lipton, comment from the company. Operating profit margin of Unilever in the first quarter increased by 0.6 percentage points, which is mainly due to the decline in commodity prices last year. This has enabled the company to increase investment in marketing, maintaining good balance sheet items.
Standard Chartered with a profit of 5.15 billion dollars
The British bank Standard Chartered has achieved profit growth of 13 per cent in 2009 and made a positive result before taxes of 5.15 billion dollars. This is a significant improvement compared to 2008 when the profit was 4.6 billion dollars. Corporate Banking has delivered a profit of 4,1 billion dollars in 2009, which is more than one third achieved the previous year. Consumer banking is not even that good, due mainly to the growth of bad loans. Bad loans of the bank jumped by half this year and now amount to $ 2 billion. This is mainly due to losses incurred in the Middle East. Because of the good results of the bank that will give significant bonuses to management.
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