Nirmala Sitharaman reviews PSBs’ readiness to tackle any Omicron-induced disruption

Essentra Plc Q4 LFL Revenue Up 12.7%; Sees FY21 Operating Profit In Range Of Analysts’ Forecasts

Essentra plc said, overall, the Group has delivered a strong performance for the year and fourth quarter. The Group said its trading is in line with expectations. Fourth quarter like-for-like revenue was up 12.7%. The company expects to deliver a total fiscal 2021 operating profit in the range of analysts’ forecasts.

The Board of Essentra plc has commenced strategic reviews of both the Filters and Packaging divisions, in line with its strategic goal to become a pure play Components business. It is anticipated that both reviews are likely to conclude in second quarter 2022 at the earliest.

MorphoSys Reports Preliminary 2021 Monjuvi U.S. Sales – Quick Facts

MorphoSys AG (MOR,MPSYY.PK) reported that preliminary Monjuvi U.S. net product sales were $23.6 million for the fourth quarter and $79.1 million for the full year 2021. For fiscal 2022, Monjuvi U.S. net product sales are projected in a range of $110 million to $135 million. Gross margin for Monjuvi U.S. net product sales are expected in a range of 75% to 80%, for fiscal 2022.

“We are pleased that many patients have benefitted from Monjuvi since launch and we expect to see continued growth in 2022,” said Jean-Paul Kress, Chief Executive Officer of MorphoSys.

LG Preliminary Q4 Revenue Rises

South Korean electronics major, LG Electronics Inc. (LGEPF.OB), on Friday said in its preliminary earnings report that it has recorded a rise in revenue for the fourth quarter, amidst an increase in demand. However, it reported a decline in its operating profit.

The Seoul-headquartered firm reported revenue of South Korean won (KRW) 21 trillion for the last quarter of 2021, a rise of 20.7 percent, compared with the same period a year ago.

This is for the first time sales have exceeded KRW 20 trillion in the company’s history, LG said in a statement.

For the last three-month period of 2021, operating profit of the company is reported at KRW 681.6 billion, a fall of 21 percent, compared with the fourth quarter of the previous year.

Meanwhile, LG’s annual revenue surpassed KRW 70 trillion for the first time in its history, totaling KRW 74.7 trillion in 2021, an increase of 28.7 percent over 2020.

Annual operating profit of KRW 3.9 trillion was virtually unchanged from the previous year.

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Inflation hits record of 5% in 19 countries using the euro

The rise was led by a surge in energy prices, according numbers released Friday by the European Union’s statistical office.

Consumer prices in the 19 countries that use the euro currency hit a record high of 5% in December compared with a year earlier.

The rise was led by a surge in energy prices, according numbers released Friday by the European Union’s statistical office.

Inflation is now at the highest level in the eurozone since record keeping began in 1997 and broke a record set in November.

Soaring prices are compounding problems for European Central Bank policymakers who have been keeping interest rates at ultra-low levels to stimulate the economy amid the global pandemic.

Acuity Brands Q1 Profit Beats Estimates; Net Sales Up 17%

Acuity Brands, Inc. (AYI) said it delivered sales growth of 17%, expanded operating profit margin by 160 basis points and increased earnings per share by 57% in the first quarter of fiscal 2022 despite global supply chain challenges and unpredictable market conditions.

First quarter adjusted earnings per share was $2.85, up 40.4 percent from $2.03, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $2.41, for the quarter. Analysts’ estimates typically exclude special items. Adjusted net income was $101.3 million, up 31.7 percent, over prior year.

Net income was $87.6 million, up 47.0 percent over the prior year. Earnings per share was $2.46 compared to $1.57, last year.

Net sales were $926.1 million, an increase of 16.9 percent, from a year ago. Analysts on average had estimated $880.7 million in revenue. Acuity Brands Lighting and Lighting Controls generated net sales of $883.6 million, an increase of 17.3 percent.

Neil Ashe, CEO of Acuity Brands, said: “Our performance demonstrates that by prioritizing customers we are driving sales growth and turning that into operating income while continuing to invest in the long-term growth and transformation of the company.”

On Thursday, the Board of Directors of Acuity Brands declared a quarterly dividend of 13 cents per share. The dividend is payable on February 1, 2022, to shareholders of record on January 20, 2022.

Shares of Acuity Brands were up 1% in pre-market trade on Friday.

Nirmala Sitharaman reviews PSBs’ readiness to tackle any Omicron-induced disruption

India Ratings and Research cut its forecast to 9.3%, from 9.4% earlier, while Brickwork Ratings has revised its estimates to 8.5-9% from 10%.

Finance Minister Nirmala Sitharaman on Friday chaired a meeting with chiefs of public sector banks and assessed their readiness to tackle any possible disruptions due to the Omicron variant.

In a tweet, the Finance Ministry said during the meeting with CMDs/MDs, held through virtual mode, the minister also reviewed various steps taken by PSBs in implementing pandemic-related measures initiated by the government and RBI.

“During the review meeting, FM Smt. @nsitharaman assessed various steps taken by PSBs in implementing pandemic-related measures initiated by GoI and RBI and readiness to tackle possible future disruptions that may occur due to the ongoing variants of the #COVID19 pandemic,” it tweeted.

The ongoing third wave to the highly infectious Omicron variant of coronavirus has led to various domestic rating agencies lowering India’s growth forecast for the current fiscal.

India Ratings and Research cut its forecast to 9.3%, from 9.4% earlier, while Brickwork Ratings has revised its estimates to 8.5-9% from 10%.

India on Friday reported 1,17,100 new single day COVID-19 infections and 302 fatalities. 3,007 cases of Omicron variant of coronavirus detected across 27 states, UTs so far.