RWE expects 10% net-profit growth despite weak outlook for some units

Article Abstract:

RWE AG, a utility company headquartered in Germany, expects to post sales of 1.43 billion marks in its fiscal 1999, a 3% to 4% improvement from sales of 72.7 billion marks generated in its fiscal 1998. The energy firm has also expressed optimism that it will register a 10% enhancement in net profits in its current fiscal year, which is scheduled to end by June 30, 1999. The utility posted 1.3 billion marks in net profits in its fiscal 1998. RWE AG also expects its telecommunications unit as well as its energy division to register dismal financial performance in fiscal 1999 on account of a prohibition on nuclear power generation and an increase in energy taxes.

Comment:

Is set to post sales of 1.43 billion marks & 10% rise in net profits in its fiscal 1999

Electric, Gas & Water Utilities, Utilities, Public utilities

---

Shares of RWE slip on poor sales data

Article Abstract:

RWE AG, an industrial group in Germany, said group sales, which include those of newly consolidated firms, was at 72.2 billion marks in the year ending June 30, 1998, compared with 72.1 billion marks in sales the previous year. Net profit rose slightly from 1.3 billion marks to 1.4 billion marks, with net profit on an adjusted basis dropping by some 6%. Construction volume as a whole saw an increase, but construction revenue decreased 21% from 7.7 billion marks to 6.1 billion marks. The company said the 21% drop was due to billing effects.

Comment:

Industrial grp says grp sales was at 72.2 bil marks in year ending 6/30/98, compared w/ 72.1 bil marks in sales a year earlier

Diversified Companies

---

Schering plans buyback; Bayer decides to wait

Article Abstract:

Germany-based Schering AG, a specialist drug maker, intends to buy back 500 million marks ($297 million) in shares beginning Nov. 12, 1998. The buyback program makes Schering the first Germany company to do so, while Bayer AG, a pharmaceuticals and chemicals firm, is taking its time to follow the former's move in light of the cloud of uncertainties in taxation regulations. Bayer Chairman Manfred Schneider said the company would give a share buyback a thought only if such program is not going to be taxed.

Comment:

Intends to buy back 500 mil marks or $297 mil in shares beginning 11/12/98

Acquisitions & mergers, Chemicals & Allied Products, Chemical Manufacturing, Chemicals, Schering AG

Similar abstracts:

• Abstracts: Right medicine would help: despite fund overflow, investors may return. Japan is getting a big dose of the Asian economic crisis
• Abstracts: WPP chief sees further growth in revenue, profit. BSkyB earnings reflect digital effort. Granada's debt shrinks; TV revenue is strong
• Abstracts: GEC posts 7% increase in pretax profit. GKN gets a lift from North America. Shares in Trafficmaster jump 24% on Mannesmann deal, profit leap

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.