Sabah to face snap polls after assembly dissolved
KUALA LUMPUR – Malaysia’s Sabah state on Borneo will face a snap election after the assembly was dissolved on Thursday (July 30) following a day of political tumult.
Chief Minister Shafie Apdal announced the state assembly dissolution during a press conference in Kota Kinabalu on Thursday.
State governor Juhar Mahiruddin consented to the dissolution, which follows attempts by former chief minister Musa Aman to form a new government after securing several defections from Mr Shafie’s administration.
The election has to take place within 60 days of the dissolution.
Skyline Champion Q1 Profit Down; But Stock Up
Skyline Champion Corp. (SKY) reported that its net income for the first quarter fiscal 2021 declined to $11.9 million or $0.21 per share, from last year’s $17.4 million or $0.31 per share hurt by the decline in sales and gross profit, which was partially offset by the reductions in SG&A.
Adjusted earnings per share decreased to $0.22 from $0.35 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share. Analysts’ estimates typically exclude special items.
Net sales for the first quarter fiscal 2021 decreased 26.5% to $273.3 million from the prior year. Analysts expected revenue of $293.61 million for the quarter.
The number of U.S. factory-built homes sold in the first quarter fiscal 2021 decreased 26.1% to 4,028 compared to the prior year first quarter, as a result of reduced demand and production levels resulting from the initial reaction and response to COVID-19.
SKY closed Wednesday regular trading at $26.41 up $0.79 or 3.08 percent. In the after-hours trading, the stock further gained $2.15 or 8.14 percent.
RPT-Credit Suisse to merge investment banking units, posts Q2 profit hike
ZURICH, July 30 (Reuters) – Credit Suisse said it was wrapping its global markets and investment banking divisions into a single unit, as Chief Executive Thomas Gottstein puts his first major strategic stamp on the bank.
Switzerland’s second-biggest bank also posted a 24% rise in second-quarter net profit to 1.162 billion Swiss francs ($1.27 billion), overshooting the mean estimate for 700 million Swiss francs in the bank’s own poll of 17 analysts.
TELEFÓNICA Q2 Profit Declines; Revenue Down 5.6% In Organic Terms – Quick Facts
TELEFÓNICA (TDE.L,TEF) reported that its second quarter net profit to shareholders declined 50.7 percent year-over-year to 425 million euros. Earnings per share was 0.07 euros compared to 0.16 euros. Operating income before depreciation and amortisation (OIBDA) declined by 25.3% to 3.31 billion euros. In organic terms, OIBDA declined by 10.0%, for the quarter. Underlying OIBDA was 3.43 billion euros, down 19.5%, excluding mainly the impairment of goodwill allocated to T. Argentina. Underlying earnings per share was 0.12 euros compared to 0.16 euros.
Second quarter Group revenues declined by 14.8% year-on-year to 10.34 billion euros (a decline of 5.6% in organic terms or 3.8% in four core markets).
Telefónica said it remains on track to deliver 2020 outlook. The dividend for 2020 is confirmed at 0.40 euros, the first tranche of which is payable in December 2020 and the second tranche in June 2021. Also, the company reiterated its guidance for 2022.
Austrian economy slumps by 10.7% in second quarter as coronavirus bites: Wifo
(Reuters) – The Austrian economy shrank by 10.7% in the second quarter, marking its biggest contraction since World War Two, as the coronavirus pandemic hit both domestic and foreign demand, think tank Wifo said on Thursday.
Wifo, which compiles data for the government, said the most heavily affected sectors included retail, hotels, restaurants, sports and entertainment.
When compared to the prior-year period, second-quarter gross domestic product (GDP) declined by 12.8% in real terms.
Volkswagen Posts HY Adj. Operating Loss; Cuts Dividend
Volkswagen Group (VKW.L,VLKAF.PK,VOW.BE) reported that its operating result before special items for the first half of the year was negative 0.8 billion euros, compared to positive 10.0 billion euros last year, due to lower unit sales caused by the sharp fall in customer demand.
Loss before tax were 1.4 billion euros compared to earnings of 9.6 billion euros in the previous year.
Until the end of June, the Volkswagen Group reported a sharp year-on-year decline of 27.4 percent in its deliveries to 3.9 million vehicles.
Group sales revenue decreases by 23.2 percent to 96.1 billion euros from the prior year.
The company said that Annual General Meeting will take place on September 30, 2020. The Board of Management and the Supervisory Board have resolved to propose now to the Annual General Meeting a dividend of 4.80 euros per ordinary share and 4.86 euros per preferred share. The company’s Management has thus amended the proposed dividend previously announced for the 2019 fiscal year of 6.50 euros per ordinary share and 6.56 euros per preferred share.
Volkswagen Group anticipates that deliveries to customers will be significantly down on the previous year in 2020 due to the impact of the Covid-19 pandemic. The sales revenue of the Volkswagen Group is expected to fall significantly below the previous year’s level in 2020 as a result of the Covid-19 pandemic.
Overall, the Volkswagen Group anticipates the operating result for 2020 before and including special items to be severely lower than in previous year; however, inpositive territory.
VOSSLOH H1 Loss Narrows
German rail technology company VOSSLOH (VOSSF.PK) reported a first-half net loss of €9.6 million or €0.58 per share compared to a loss of €23.4 million or €1.58 per share last year.
Sales revenues for the period declined to €393.2 million from €437.1 million generated in the prior year period, substantially impaired by COVID-19, particularly during the second quarter.
Vossloh continues to expect fiscal 2020 sales to be between €900 million and €1 billion. Due to the potential sales shifts, the company said it assumes sales would be at the lower end of the expected range.