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European Business News 96-09-24
From: The European Business News Server at <http://www.ebn.co.uk/>
Page last updated September 24 10:20 CET
CONTENTS
[01] French pay TV group Canal Plus to annouce first-half results
[02] Usinor Sacilor announce a drop of 66% in their first-half
[03] Tarmac's first half losses widen
[04] Laura Ashley announce a rise of 79% in its first-half results
[05] Sweden's two largest banks continue merger talks
[06] Frans Fischler speaks out on BSE scare
[01] French pay TV group Canal Plus to annouce first-half results
The French Pay-TV group Canal Plus will announce its interim results later
today.
Analysts expect pre-exceptional profit for the six months to September of
around Ffr360m. That's not much of a change from the figure for the same
period last year of Ffr33m.
[02] Usinor Sacilor announce a drop of 66% in their first-half
The French steel maker, Usinor Sacilor has reported first half net profits
of Ffr800m ($156m). That's a fall of over 66% on the same period last
year. The company blamed low sales and price cuts for the poor result.
Usinor-Sacilor says second half results will be even weaker than the first
half. But it noted that prices had now stabilised and that customer orders
were building back up to normal levels.
[03] Tarmac's first half losses widen
Tarmac, the British construction firm, said its losses widen in
the first half to £58.3m.
The unexpectedly large loss is due to an exceptional restructuring
charge of £65m. In a statement Tarmac's CEO, Neville
Simms, said the integration of the new businesses (Wimpey) is 'by
far the most important thing'.
Tarmac's medium term strategy will be to decide which elements of
the newly merged business to grow.
[04] Laura Ashley announce a rise of 79% in its first-half results
The UK retailer Laura Ashley has announced first half pre-tax
profits of £5.2m, an increase of 79% on the same period last
year. The group said it will pay an
interim dividend for the first time since 1989.
It also announced plans to resume its mail order business in
the Spring/Summer 1997 with a new
catalogue, aimed at a more focused target market.
[05] Sweden's two largest banks continue merger talks
Shares in Sweden's two largest banks Svenska Handelsbanken and
Skandinaviska Enskilda Banken are expected to continue to attract investor
interest today following heavy trading yesterday. The activity follows
press reports of possible merger talks between the two banks. Analysts say
a merger would bring about vast cost savings but that the integration could
be difficult as the banks have very different backgrounds.
[06] Frans Fischler speaks out on BSE scare
The European Union's Agriculture Commissioner, Franz Fischler, has said the
BSE scare is the biggest crisis ever to face the EU.
His comments come in the midst of an informal meeting of EU agriculture
ministers in Ireland to discuss the future of a beef industry badly damaged
by the epidemic of mad cow disease.
From the European Business News (EBN) Server at http://www.ebn.co.uk/
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