Citigroup sees q3 trading revenue declining 15% due to subdued volatility

Businessam StaffSeptember 11, 2017

Citigroup Inc.’s trading revenue is on pace to drop 15 percent in the third quarter from a year earlier as volatility remains “somewhat subdued,” John Gerspach,Chief Financial Officer said. Last year’s performance benefited from a boost in activity as clients wagered on prospects for the U.S. election, while this quarter has seen no comparable catalyst, […]

Lenovo posts surprise loss as PC sales crater, costs climb

Businessam StaffAugust 18, 2017

Lenovo Group Ltd. posted a surprise quarterly loss after losing its grip on the global personal computer market, while its smartphone unit continues to bleed money. China’s largest PC maker reported a net loss of $72 million in the three months ended June — its first in six quarters and well below projections for income […]

Nestle Nigeria: In line to deliver strong earnings growth in 2017

Businessam StaffAugust 4, 2017

FBNQuest Research Neutral rating maintained Nestle Nigeria (Nestle) posted earnings of N8.2bn compared with a loss of –N6.2bn in Q2 2016. We draw many positives from these results such as gross margin expansion and a strong interest income line, which was up by more than 600% y/y to N2.5bn during the quarter. Gross margin which […]

BA-owner IAG expects double-digit rise in 2017 operating profit

Businessam StaffJuly 28, 2017

British Airways owner IAG said on Friday that it expects operating profit for 2017 to show a double-digit percentage improvement following a strong second quarter, despite a massive power outage which grounded some flights. IAG said that operating profit for the six months to June 30 was 975 million euros, up 37.3 per cent compared […]

Transcorp now in black after a year in the red, declares N4.2 billion profit

Businessam StaffJuly 27, 2017

Adim Jibunoh, president and chief executive officer, Transcorp

Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s foremost conglomerate, has announced financial results for its second quarter ended June 30, 2017, showing significant growth in key financial indicators. The company recorded N4.2bn as profit after tax (PAT) for the half-year ended 30th of June 2017, translating into 134 percent growth compared to the loss of […]

Boeing raises 2017 earnings forecast

Businessam StaffJuly 26, 2017

Boeing Co reported a quarterly profit compared with a loss a year ago when it booked a charge and raised its full-year core profit forecast. The world’s biggest maker of jetliners said it expects 2017 core earnings per share in a range of $9.80 to $10.00, up from its previous forecast of $9.20 to $9.40. […]

Morgan Stanley claims another trading victory over rival Goldman Sachs

Businessam StaffJuly 19, 2017

Morgan Stanley beat Wall Street’s profit expectations on Wednesday, reporting gains across most of its businesses and producing more trading revenue than rival Goldman Sachs Group Inc, a rare feat. The sixth-largest U.S. bank by assets reported an 11 percent rise in second-quarter profit, generating more revenue from giving corporations advice, underwriting securities, trading equities […]

United Capital keeps earnings steady in H1 2017 at N3.9bn

Businessam StaffJuly 12, 2017

United Capital Plc, has kept earnings steady in the first half of 2017 posting a six percent increase over the figure recorded last year. The investment banking group recorded gross earnings of N3.87 billion and profit after tax of N2 billion, representing a three percent decrease year on year. Despite the slowdown in economic activities […]