Tech-Oriented Companies Profit From Demand for Select Products -- Earnings at a Glance
27 Juillet 2020 - 05:19PM
Dow Jones News
Tech-oriented companies posted higher profits in the first half
of the year despite the Covid-19 pandemic as customers paid for
select products and services.
Hangzhou HIK Vision Digital Technology Co., the world's largest
surveillance-camera maker, saw increased sales in its innovation
businesses, including robotics and smart-home products. The
company's net profit for the first half rose 9.7% from a year
earlier.
SAP SE saw a 7.7% increase in second-quarter operating profit as
the German software company's cloud revenue rose.
French IT company Atos SE said its earnings rose in first half
of the year, while revenue declined 2.8% amid the coronavirus
pandemic. Renewals and new contracts supported commercial
activity.
Other earnings reported Monday:
Albertsons Cos.: The U.S. supermarket chain said sales rose in
its first quarter as consumers bought more groceries and ate more
at home during the coronavirus pandemic.
Arden Partners PLC: The U.K. stockbroking company said the
pandemic hurt its equity trading in the six months to April 30.
Arden posted a pretax loss of 1.5 million pound ($1.9 million) and
said it has traded profitably since May due to a number of
corporate transactions completed and an encouraging pipeline.
Ascential PLC: The U.K. data-and-analytics company swung to
pretax loss as the coronavirus hit its live-events business during
the first half.
Aseana Properties Ltd.: The property developer focused on
Malaysia and Vietnam said its 2019 pretax loss widened to $28.7
million from $6.8 million the year prior. Lockdown measures in
response to the coronavirus led to the closure of its two hotels in
Kuala Lumpur and Sandakan and the partial closure of the shopping
mall in Sandakan. Aseana plans to reopen the Kuala Lumpur hotel,
but there are no plans to reopen its Sandakan asset, as its hotel
operator has terminated its management agreement.
Avery Dennison Corp.: The U.S. materials company reported lower
second-quarter revenue but a better-than-expected adjusted profit
as the global pandemic shifted demand away from the company's
retail labels and created increased need for labeling of food and
hygiene products.
Cemex SAB: The Mexican cement maker reported a net loss for the
second quarter as shutdowns over the coronavirus curtailed activity
in most of its markets, while cost-containment measures limited the
impact of lower sales.
Faurecia SE: The French automotive supplier swung to a net loss
in the first half of 2020 after it was forced to cease production
in a large number of its sites as governments adopted lockdown
policies to contain the coronavirus.
Hasbro Inc.: The U.S. toy maker swung to a second-quarter loss
as stores were closed and it encountered product shortages due to
the Covid-19 pandemic.
ICICI Bank Ltd.: The major Indian private-sector bank saw a 24%
increase in profit during the quarter ended June, supported by
higher treasury income, which surged to $498 million from $24
million a year ago. ICICI Bank said it has made additional
provisioning of $735 million to cushion the pandemic impact.
Legg Mason Inc.: The U.S. asset manager grappled with
redemptions during the second quarter, with clients pulling money
as the coronavirus shut down economies globally earlier in the
spring. Franklin Resources Inc. is set to complete its acquisition
of Legg Mason in four days.
Mitsubishi Motors Corp.: The Japanese auto maker swung to net
loss in its first quarter, as sales tumbled amid the Covid-19
pandemic and it booked an impairment loss exceeding $1 billion.
Royal KPN: The Dutch telecommunications company said the
pandemic reduced its second-quarter adjusted profit by 5 million to
7 million euros.
Ryanair Holdings PLC: The Irish budget airline swung to a net
loss and expects the rest of the fiscal year to be challenging due
to the pandemic. Ryanair expects to operate 40% of its normal July
schedule, rising to 60% in August, and around 70% in September.
Union Bank of the Philippines: First-half net profit fell 6%
from a year earlier as the lender booked higher provisions to
cushion its credit portfolio from the impact of Covid-19.
Wienerberger AG: The Austrian brick maker said its second
quarter suffered heavily from lockdown policies in key markets,
mostly during April and May, although the quarter was better than
expected with strong demand in June.
Woori Financial Group: The South Korean bank's first-half profit
fell 39% due to increased credit costs and weaker net interest
margins amid the coronavirus pandemic.
Write to Mary de Wet at mary.dewet@wsj.com
(END) Dow Jones Newswires
July 27, 2020 11:04 ET (15:04 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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