Join our community of smart investors

News & Tips: Genel Energy, Toyota, Inmarsat & more...

Asia-Pacific's main indexes - with the exception of the Hang Sang - closed lower ahead of European and US trading today.
August 5, 2014

Credit Agricole's second quarter profits have been hit by a write-down that could challenge the view that the European banking sector is out the woods.

IC TIP UPDATES:

Genel Energy (GENL) one of the main oil producers exporting crude from Iraqi Kurdistan, reported a 6 per cent rise in first-half core profit to $138m as its operations in the region remained safe despite the ISIS incursion in Iraq.

Fresnillo's (FRES) first half results were hit by significantly lower realised commodity prices with silver and gold down by 17.9 per cent and 11.5 per cent respectively.

KEY STORIES:

Satellite operator Inmarsat (ISAT) said revenue from its new high speed broadband services will be lower than expected over the next three years after a recent launch failure. The recent Proton launch failure has delayed the launch of the second and third Inmarsat-5 satellites.

Avanti Communications (AVN) announced a new multi-year contract with African service provider, iSAT, a subsidiary of the Wananchi Group, East Africa's leading home entertainment operator. iSAT will deliver satellite broadband services across Kenya and Tanzania.

Software business WANdisco (WAND), which has an engineering base in Sheffield, has agreed a $10m revolving credit facility with HSBC which will used to finance its continued expansion in the big data market.

Turbo Power Systems (TPS) posted a first-half pretax loss of £2.3m, from a loss of £1.1m in the corresponding period in 2013. Revenue was £7.5m, from £9.1m. Separately, the company said it has been selected by UK Power Networks to supply production units for the company's electrical energy controller for trials on the electricity distribution networks in the London and Brighton areas.

Rose Petroleum (ROSE) said that an existing well within its Utah shale project received the all clear for future operations and production testing planned for later this year. The 16-42 Paradox well was subjected to a mechanical integrity test of its casing and the State of Utah Department of Oil, Gas and Mining deemed the results satisfactory.

African Potash (AFPO) has started drilling its first hole at the company's Lac Dinga potash project in the Republic of Congo. This initial hole is the first of a two hole rotary/core drilling programme and is planned to a depth of 500m below surface.

S&U (SUS) is seeking a deposit taking licence to help fund the rapid growth of both its car loan and home credit arms. Trading has remained strong over the over the past six months and interim results will meet expectations. Advantage Finance, its motor finance subsidiary, continued to trade at record levels. Advances are over £18m above last year for the period and credit quality is the best ever.

Renewable electricity company Good Energy Group (GOOD) has agreed to sell its 49.9MW solar site at West Raynham near Fakenham, Norfolk, to a member of the Trina Solar Group.

OTHER COMPANY NEWS:

Urban Exposure, an investment vehicle which channels finance into the development of new homes, has pulled its planned £500m IPO, becoming the second property company to cancel a proposed listing within a week.

Action Hotels (AHCG) announced that, further to the announcement of 29 May 2014, a memorandum of understanding has been signed with leading hotel operator Accor for the management of the new 160 room freehold hotel which will be built in the prime business district of Sharq in Kuwait City.

ServicePower Technologies (SVR) said that trading for the half-year is in line with management expectations following the necessary investment in products, staff, infrastructure, and customer implementations.

Rex Bionics (RXB), the developer and manufacturer of hands-free robotic exoskeletons for use by wheelchair users, has announced the appointment of Crispin Simon as chief executive. Crispin, who has a 25-year track record in industry with significant success in a number of sub-sectors of healthcare including medical technology and medical devices, will join the board in early October 2014.

Japanese auto giant Toyota that net profits rose 4.6 per cent in the April to June quarter, as solid sales in North America and Europe offset a drop in demand in Japan. The world's largest auto maker posted a ¥587.77bn (£3.39bn) net profit in the three months period. Revenue increased 2.2 per cent to ¥6.39 trillion.

Credit Agricole’s second-quarter profits were nearly wiped out by a €708m write-down on its stake in Portugal’s Banco Espirito Santo after the southern European lender had to be rescued by the government this week.