ENHL: Energoprojekt reported improved financial performances for 6M 2019
Construction company Energoprojekt, reported RSD 361m in consolidated net profit for 6M 2019, which is up 22% y/y, on higher sales and improved profitability. Execution of higher jobs volume enabled jump in sales of 8.4% y/y, while operating profit was more than doubled at RSD 152m. Most of revenues arrived from Serbian market, or nearly 70%.
Source: Belex, Ilirika
MTLC: Metalac reported non-consolidated numbers, suggesting low single digit growth in 2019 is most realistic
Metalac reported only non-consolidated numbers and separated figures for depended units, for 6M 2019. According to the document, major production unit Cookware posted mainly flat sales, while its operating profit was up 5% y/y. Given the trend with other units, the company’s expectation about low single digit growth for both sales and profit in 2019 is pretty realistic.
Izvor: Belex, Ilirika
JESV: Jedinstvo posted jump in sales&net profit in 6M19 period
Jedinstvo Sevojno, company engaged in infrastructure&construction business, reported RSD 1.5bn in its 6M19 non-consolidated sales, up 42% y/y, probably due to higher volume of executed jobs in the period. This confirms the company’s expectation about higher sales for 2019. Operating result was positive at RSD 17m, which is much better vs. RSD 140m loss a year ago. Net profit arrived at RSD 56m, up 54% y/y, while this is still low absolute number given the size of sales.
Dow rises 99 points led by Walmart, rebounding from worst day of 2019; European stocks close lower in choppy session
Stocks rose on Thursday, making back some of the steep losses in the previous session, as retail giant Walmart’s earnings and strong retail sales figures led investors to believe the U.S. consumer could help the country avoid a recession. The Dow Jones Industrial Average ended the volatile session about 99.56 points higher after suffering its worst day of the year Wednesday. The index fell to a session low as 10-year Treasury rate dipped below 1.5%, the lowest level in three years.The S&P 500 was up 0.25%, while the Nasdaq Composite was little changed.
Retail sales rose solidly in July and beat expectations, the Commerce Department said Thursday. Consumers spent more at stores and restaurants last month, a sign that fears of a global slowdown that have roiled financial markets haven’t soured consumer optimism.
Walmart reported better-than-expected earnings and raised its outlook for the full year, sending its stock 6.1% higher Thursday. The retailer saw growth in its core domestic business as well as online operations, marking the 20th consecutive quarter of sales gains in the U.S.
Cisco shares plunged 8.6% after it said future earnings would be lighter than expected because of a “significant impact” from the U.S.-China trade war. The tech giant also said China revenue fell 25% last quarter on an annualized basis.
Shares of General Electric dropped more than 11% after Madoff whistleblower Harry Markopolos said he has discovered “an Enronesque business approach that has left GE on the verge of insolvency. ”
European stocks traded lower Thursday amid a volatile session following a global sell-off as bond markets stoked fears of an impending recession.
The pan-European Stoxx 600 finished the session provisionally down 0.33% in afternoon trade, autos leading losses with a 1.5% fall as the majority of sectors and major bourses dropped into the red. Utilities were the standout performers, gaining 0.7%.
Danish beer maker Carlsberg was up 4.2% having earlier hit a fresh all-time high after it reported promising first-half earnings, raising revenue by 6.5% amid strong growth in Asia.