Posts by Mark Darwin
KKR profit soars 49% on improving asset sales, beating estimates
KKR & Co posted a second-quarter profit that beat Wall Street estimates as the buyout firm generated more income than expected from selling assets. Adjusted net income climbed 49 per cent to US$971.9 million, or US$1.09 a share, the New York-based company said on Wednesday (Jul 31) in a statement. That beat the US$1.06 average…
Read MoreLufthansa sees earnings slump in third quarter as costs rise
LUFTHANSA warned of a fall in third-quarter earnings on Wednesday (Jul 31) as the German airlines group grapples with higher wage costs and a squeeze on ticket prices. Airfares around Europe and Asia have started to plateau or fall amid signs the post-Covid travel boom may be starting to lose steam just as many airlines…
Read MoreAdidas says Q2 sales excluding Yeezy rose in North America
ADIDAS said on Wednesday (Jul 31) its second-quarter revenues in North America, excluding sales of the Yeezy line, rose from last year driven by growth in both wholesale and its own retail. Including Yeezy, the currency-neutral sales in North America – Adidas’ second-biggest market behind Europe – fell by 8 per cent to 1.3 billion…
Read MoreDanone sales beat forecasts amid strong Asia demand
DANONE said customers are back buying more expensive branded goods as cost-of-living pressures ease and some Asian markets recover. The French yogurt maker said like-for-like sales increased 4 per cent in the second quarter, compared with 3.8 per cent expected by analysts. Almost three quarters came from greater volumes and consumers trading up to more…
Read MoreCommonwealth Bank tops BHP to become biggest Australian firm
COMMONWEALTH Bank of Australia has shot past the world’s biggest miner BHP Group and is now the country’s most valuable company. The lender’s market capitalisation hit a record high of A$229 billion (S$200 billion) as at midday in Sydney on Wednesday (Jul 31). That leaves it comprising 9.6 per cent of the benchmark S&P/ASX 200…
Read MoreChina regional banks exposed to bond reversal as PBOC sales loom
CHINA’S regional lenders are facing growing risks in the nation’s US$4.3 trillion sovereign debt market after an unprecedented bond rally this year prompted a slew of warnings from the central bank. The lenders, some with over 50 per cent of their assets in bonds, are bracing for potential sales by the People’s Bank of China…
Read MorePinterest forecasts downbeat revenue as competition grows; shares slump
PINTEREST forecast current-quarter revenue below Wall Street expectations on Tuesday (Jul 30) as the image-sharing platform faces tough competition in a stabilising digital advertising market, sending its shares down about 12 per cent after hours. The company, whose shares shed about US$3 billion in value, competes with the likes of TikTok and Meta Platforms-owned Facebook…
Read MoreChina’s earnings recovery stumble to test conviction calls
THE current earnings season is shaping up to be another letdown for Chinese stock investors, eroding the case for a turnaround in the slumping market. Profit warnings issued by mainland-listed firms for the second quarter have outnumbered positive alerts, resulting in a net negative tally of 4.6 per cent, according to Morgan Stanley’s analysis of…
Read MoreRinggit turnaround set to accelerate on export boom, Fed pivot
THE Malaysian ringgit’s rebound is gathering pace, thanks to stronger growth and expectations of an impending interest rate cut by the Federal Reserve. After falling to a 26-year low in February, the Malaysian currency is now less than 1 per cent away from erasing its losses for the year. OCBC is forecasting for the ringgit…
Read MoreAims Apac Reit posts 1.7% lower Q1 DPU of S$0.0227
AIMS Apac Reit’s (AA Reit) distribution per unit (DPU) fell 1.7 per cent to S$0.0227 for the first quarter of FY2025, from S$0.0231 in the corresponding period a year ago. The Reit’s manager said this was mainly due to enlarged units following the equity fundraising, which was completed in the second quarter of FY2024. In…
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