Company Briefs
HSBC profits up five-fold
HSBC said yesterday that profits were up more than five-fold in the third quarter as its Asia business drives higher returns.
Reported pre-tax profit jumped to US$4.6 billion in the three months to the end of September, compared with US$843 million over the same period in 2016.
The Asia-focused banking giant has been on a recovery drive over the past two years to streamline the business and slash costs, and has laid off tens of thousands of staff.
– Nampa/AFP
Brexit weighs on SA's Famous Brands
South African fast food chain owner Famous Brands reported a 59% drop in half-year earnings yesterday after its British business weighed on profits in the wake of the United Kingdom's decision to exit the European Union.
Headline earnings per share (EPS) fell to 170 cents compared with 411 cents a year ago.
In its South African restaurant division sales grew 8% to R415 million, but its profit margin declined to around 48.8% from 53.6% as economic growth slowed and consumer sentiment suffered.
– Nampa/Reuters
Vodacom Tanzania sells Helios Towers stake
Vodacom Tanzania Plc, majority owned by South Africa's Vodacom Group, has sold its stake in a local unit of Helios Towers Africa for US$58.5 million.
It sold its 24.06% stake in Helios Towers Tanzania Ltd to that company's parent company, HTA Holdings, it said in a statement seen by Reuters.
Vodacom Tanzania, which is listed on the Dar es Salaam Stock Exchange (DSE), said the transaction would result in an estimated profit before tax of more than 120 billion shillings (US$53.57 million).
The number of mobile phone subscribers in Tanzania rose 0.9% last year to 40.17 million, driven by the launch of cheaper mobile phones.
– Nampa/Reuters
Zain's profits fall over Sudan, Iraq
Kuwaiti telecoms giant Zain on Sunday reported a drop in its third quarter net profits due to currency exchange losses in Sudan and conflict in Iraq.
The company's net profit in the third quarter fell 7% to 40 million dinars (US$132 million) from 43 million dinars (US$142 million)in the same period last year.
Net profit for the first nine months of 2017 was 122 million dinars (US$402.6 million), down 1.6% from 124 million dinars (US$409.2 million) in the same period last year.
The company's customer base remained stable at 45.3 million.
– Nampa/AFP
Vale results surge in Q3 as iron ore prices rise
Brazil's Vale SA saw net income jump by nearly 300 percent in the third quarter as iron ore prices rose, the world's largest iron ore producer said, even as earnings fell shy of analyst estimates.
Vale said net income totalled US$2.23 billion, 287% above the US$575 million it posted during the same period last year. However, the figure was under an average consensus estimate of US$2.439 billion.
EBITDA hit US$4.192 billion. Revenue in the quarter reached US$9.05 billion, well above the US$6.726 billion posted a year earlier.
– Nampa/Reuters
HSBC said yesterday that profits were up more than five-fold in the third quarter as its Asia business drives higher returns.
Reported pre-tax profit jumped to US$4.6 billion in the three months to the end of September, compared with US$843 million over the same period in 2016.
The Asia-focused banking giant has been on a recovery drive over the past two years to streamline the business and slash costs, and has laid off tens of thousands of staff.
– Nampa/AFP
Brexit weighs on SA's Famous Brands
South African fast food chain owner Famous Brands reported a 59% drop in half-year earnings yesterday after its British business weighed on profits in the wake of the United Kingdom's decision to exit the European Union.
Headline earnings per share (EPS) fell to 170 cents compared with 411 cents a year ago.
In its South African restaurant division sales grew 8% to R415 million, but its profit margin declined to around 48.8% from 53.6% as economic growth slowed and consumer sentiment suffered.
– Nampa/Reuters
Vodacom Tanzania sells Helios Towers stake
Vodacom Tanzania Plc, majority owned by South Africa's Vodacom Group, has sold its stake in a local unit of Helios Towers Africa for US$58.5 million.
It sold its 24.06% stake in Helios Towers Tanzania Ltd to that company's parent company, HTA Holdings, it said in a statement seen by Reuters.
Vodacom Tanzania, which is listed on the Dar es Salaam Stock Exchange (DSE), said the transaction would result in an estimated profit before tax of more than 120 billion shillings (US$53.57 million).
The number of mobile phone subscribers in Tanzania rose 0.9% last year to 40.17 million, driven by the launch of cheaper mobile phones.
– Nampa/Reuters
Zain's profits fall over Sudan, Iraq
Kuwaiti telecoms giant Zain on Sunday reported a drop in its third quarter net profits due to currency exchange losses in Sudan and conflict in Iraq.
The company's net profit in the third quarter fell 7% to 40 million dinars (US$132 million) from 43 million dinars (US$142 million)in the same period last year.
Net profit for the first nine months of 2017 was 122 million dinars (US$402.6 million), down 1.6% from 124 million dinars (US$409.2 million) in the same period last year.
The company's customer base remained stable at 45.3 million.
– Nampa/AFP
Vale results surge in Q3 as iron ore prices rise
Brazil's Vale SA saw net income jump by nearly 300 percent in the third quarter as iron ore prices rose, the world's largest iron ore producer said, even as earnings fell shy of analyst estimates.
Vale said net income totalled US$2.23 billion, 287% above the US$575 million it posted during the same period last year. However, the figure was under an average consensus estimate of US$2.439 billion.
EBITDA hit US$4.192 billion. Revenue in the quarter reached US$9.05 billion, well above the US$6.726 billion posted a year earlier.
– Nampa/Reuters
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