PKN Orlen Swings To Net Loss On Lower Oil Inventory Value
Polish state-controlled refiner PKN Orlen SA (PKN.WA) swung to a PLN5.2 million zloty ($1.51 million) second-quarter loss Thursday, compared with net profit of PLN899 million a year ago, as a downward revaluation of its oil reserves offset a period of fat margins.
Faroe Petroleum Cooper Well Hits Pay, Tests To Evaluate
Faroe Petroleum PLC (FPM.LN) said Thursday that the Cooper well in the Norwegian Sea found oil and gas and will now be tested to evaluate its commercial potential, with results anticipated in the coming weeks.
Santander Profit Plunges on Soaring Property Provisions
Banco Santander SA's (SAN) second-quarter profit sharply undershot expectations Thursday as the Spanish banking giant set aside almost all of its earnings as provisions against real-estate losses in its home market.
Turkcell Beats Expectations with Second-Quarter Net Profit
Turkcell Iletisim Hizmetleri AS (TKC), Turkey's leading cell phone operator, late Wednesday posted better-than expected results in the second quarter, mainly due to higher net financial gains on the back of the removal of a foreign exchange loss stemming from operations in Belarus.
Carlyle, Seven Considering Up To A$700 Million Coates Hire IPO -Sources
Private equity firm Carlyle Group (CG) and Australia's Seven Group Holdings (SVW.AU) are considering raising up to A$700 million (US$722 million) through an initial public offering of equipment-hire group Coates Hire, two people familiar with the matter said Thursday.
Kazakhmys On Track To Meet Full Year Copper Output Target
Kazakhstan's largest copper miner, Kazakhmys PLC (KAZ.LN), Thursday reaffirmed that it's on track to meet its full-year copper output target after its copper output rose in the second quarter compared with the first quarter when production was hampered by severe winter weather.
Polish BZ WBK 2Q Profit Up 2.6% To PLN380.4Mln
Poland's Bank Zachodni WBK SA (BZW.WA), a unit of Banco Santander SA (SAN.MC), said Thursday its second-quarter net profit rose 2.6% on the year thanks to higher net interest income fuelled by interest rate increases and rising volumes.
Shell Earnings Fall 12.7% on Lower Energy Prices
Royal Dutch Shell PLC (RDSB.LN) Thursday posted a 12.7% fall in adjusted profit for the second quarter, as higher oil and gas output failed to compensate for weaker crude prices and slack consumer demand.
UPDATE BASF Backs 2012 Outlook Despite Profit Fall Amid Destocking
BASF SE (BAS.XE), the world's largest chemicals company by sales, Thursday confirmed its full-year outlook despite lower second-quarter profit being hit by destocking by customers and stalling demand in China.