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Thursday, 25 April 2024
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European Business News 96-08-20European Business News (EBN) Directory - Previous Article - Next ArticleFrom: The European Business News Server at <http://www.ebn.co.uk/>Page last updated August 20 10:20 CETCONTENTS
[01] Orange heads deeper into the red - with first-half losses of 125 million pounds.Orange PLC met most expectations Tuesday when it announced a first half loss of about 125 million pounds.The U.K. mobile telphone operator was upbeat about future prospects, though, citing a rise in subscribers and a cashlow from operating activities that turned positive in the period. For the six months ended June 30, Orange posted a pretax loss of 125.2 million pounds, up from a loss of 88.8 million pounds in the first half of 1995. [02] BSKYB announce 66% leap in profitsBritish Sky Broadcasting Group PLC, the satellite broadcaster, said Tuesday that pretax profit for the year ending June 30 jumped 66% to 257 million pounds from a year earlier.Total subscribers in the U.K. and Ireland rose by 900,000 to 5.5 million. The higher level of subscriber growth, compared to a year ago, 'showed that the demand for the company's services remains undiminished,' said Sam Chisholm, BSkyB Chief Executive and Managing Director. BSkyB's three main revenue sources - direct-to-home (DTH) and cable subscribers, and advertising all recorded healthy gains. DTH subscriber revenue, which rose 25% to 727 million pounds, accounted for nearly three quarters of total revenue, down marginally from a year earlier. [03] Australian Alan Bond sentenced to three years jailAustralian businessman Alan Bond Tuesday was sentenced to three years in jail, following his conviction last week of corporate fraud involving La Promenade, a painting by French impressionist Edouard Manet.A Western Australian District Court jury found the 58-year-old Bond guilty of four charges brought by the Australian Securities Commission relating to his activities as former chairman of Bond Corp. Bond was charged with juggling the ownership of the painting so that his family company, Dallhold Investments Pty Ltd. benefited from its eventual sale. According to the charges, Bond's actions prevented Bond Corp. from buying La Promenade for $2.46 million (Australian) in 1988, an estimated A$10 million below its market value. Instead, Dallhold bought the painting for the discounted price and sold it a year later for A$17 million. In sentencing, Judge Antoinette Kennedy referred to Bond's passion for art and his inability to accept that Bond Corp., which he built from nothing, was no longer his 'private fifedom'. Bond will be eligible for parole in twelve months. [04] Wella sees first six months as ' very successful'Germany's Wella AG, producers of personal care and haircare products, Tuesday said the first six months of 1996 were 'very successful' both in sales and profit, thanks in part to successful launches of new products.Although in accounting terms the group's pretax profit fell 27% to 61 million Deutsche marks, Wella noted that without the previous-year release of 35 million marks in unneeded reserves, pretax profit in the first half would have risen by 25%. [05] Austria's OMV 'on track' to match '95 profitAustria's energy giant OMV AG Tuesday reported net profit of 1.23 billion schillings during the first six months of the year, unchanged from the same period last year.The group said sales reached 37.35 billion schillings, slightly down from 37.42 billion schillings in the first half of 1995. Pretax profit over the first six months rose to 1.56 billion schillings, up 4% from 1.502 billion schillings in 1995. [06] Germany's industrial giant Mannesmann posts a 28% increase in first half net profitsGerman engineering group Mannesmann AG Monday said its first half ended June 30 was 'successful,' as its telecommunications and auto technology divisions helped boost its financial result. The industrial giant has announced net profits for its interim reporting period up 28 per cent to 180 million deutschemarks or 122 million dollars. That's above analysts expectations.The company forecast its 1996 group operating profit will 'improve slightly from the 911 million marks reached in 1995.' [07] Lloyds of London faces a legal challenge to its resuce planThe U.S. Securities and Exchange Commission has refused to help Lloyd's of London in a potentially devastating legal challenge today, that claims the insurance market's 3.2 billion pound recovery plan may break U.S. securities laws.Disgruntled U.S. names are seeking an injunction in a federal court in Virginia to prevent Lloyd's from proceeding with a rescue proposal - just nine days ahead of the August 28 deadline for Names to accept. A delay could wreck the plan, which has taken more than a year to construct throwing the insurance market's future in doubt. From the European Business News (EBN) Server at http://www.ebn.co.uk/European Business News (EBN) Directory - Previous Article - Next Article |
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