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European earnings mixed
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August 3, 2000: 10:22 a.m. ET
Barclays, SocGen meet forecasts, Deutsche Bank tops expectations
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LONDON (CNNfn) - Some of Europe's leading companies reported earnings Thursday, with banking and financial companies leading the way with earnings meeting expectations. Deutsche Bank AG provided the only surprise as its profit more than doubled.
Deutsche Bank
Deutsche Bank AG (FDBK), Europe's largest bank, said first-half profit surged 115 percent to  3.78 billion ($3.4 billion), beating analysts' expectations. Earnings per share rose to 6.58 pence a share from 3.06 in the year-earlier period.
The German bank benefited from the 2 billion ($1.8 billion) sale of a 2.9 percent stake in insurer Allianz (ALV) and a surge in securities trading.
(Click here for full story.)
Royal Dutch/Shell
Royal Dutch/Shell Group reported a 95 percent jump in second-quarter earnings Thursday, powered by higher gas prices, improved refining margins and cost-saving measures.
The world's second-biggest oil company earned $3.15 billion during the period, up from $1.61 billion in the 1999 second quarter. The results, which exceeded analysts' expectations, excluded one-time items.
Earnings benefited from surging gas and oil prices this year. But the company warned that such a pricing environment is not likely to continue for the long term.
(Click here for full story.)
Barclays
Barclays PLC (BARC) posted a 90 percent jump in first-half profit. However, year-earlier results included a one-time charge of £464 million ($696 million) to pay for job losses.
The U.K.'s third-biggest bank said net income rose to more than £1.3 million, or 88.9 pence a share, for the six months ended June 30, from £696 million, or 46.2 pence, from the year-earlier period. Operating profit rose 22 percent to £2.14 billion.
The bank declared an interim dividend per share of 20 pence versus 17.5 pence during the first six months of 1999. Retail banking increased operating profit by 32 percent to £822 million, and lending to businesses.
(Click here for full story.)
Societe Generale
French bank Societe Generale SA reported first-half net profit jumped 28 percent to 1.63 billion, toward the upper end of expectations, from 1.28 billion in the year-earlier period.
"The first half of 2000 confirmed the improvement in profitability achieved in 1999," said Societe Generale Chairman Daniel Bouton. "In the future, Societe Generale will pursue its value-focused development strategy in its three core businesses through a combination of organic growth, partnerships and acquisitions."
(Click here for full story.)
Lastminute.com
U.K.-based Internet travel and gifts Web site Lastminute.com PLC (LMC) said third-quarter pretax losses narrowed, as the company expanded its client base outside of Britain.
The high-profile online company said losses before tax in the third quarter were £9.3 million, down from £11 million the quarter before. By the end of the quarter, it had 2.1 million registered users across Europe, 30 percent of them outside Britain.
(Click here for full story.)
Rio Tinto
Mining company Rio Tinto PLC (RIO) first-half profit came in below expectations at $677 million from $509 million a year earlier. Rio Tinto also took the opportunity to raise its offer for Australia's North Ltd. to 4.75 Australian dollars per share ($2.77 per share), which values North at A$3.5 billion ($2 billion).
The offer is well above Anglo American Plc's (AAL) friendly offer of 4.25 Australian dollars ($2.48).
(Click here for full story.)
Royal & Sun Alliance
U.K. insurer Royal & Sun Alliance PLC (RSA) said first-half operating profit was little changed from the year-earlier period, but that it was seeing good growth in its life and general insurance businesses.
Operating profits for the six months to June 30 rose to £320 million ($476.7 million) from £315 million. Analysts had forecast profits of between £300 and £325 million.
Amvescap
Fund manager Amvescap (AVZ) said second-quarter profit rose 88.5 percent as it won more business to manage money.
The company said profit rose to £79.95 million ($118.8 million), or 11.7 pence a share, from £42.4 million, or 6.3 pence per share, in the parallel period last year. Funds under management increased 9 percent to $389 billion. Amvescap was formed from the merger of U.S.-based Aim Management Group Inc and Britain's Invesco PLC in 1997.
Telewest
British cable TV operator Telewest (TWT) said first-half profit before interest, tax, depreciation and amortization rose 12 percent to £119 million, and its pretax loss swelled to £295.6 million from £263.8 million
The company, whose shareholders include Microsoft Corp (MSFT: Research, Estimates), and AT&T Corp's (T: Research, Estimates) Liberty Media Group, said it expected a shortage of cable TV boxes to delay it hitting subscriber targets by up to three months.
Epcos
German electronics components maker Epcos (FEPC) reported that third-quarter earnings before interest and taxes rose 17 percent from the previous quarter to 92 million ($84 million). Earnings per share came in at 1.10 -- easily topping the highest analyst forecast of 0.91, according to a Reuters poll.
Epcos, which is a subsidiary of German technology powerhouse Siemens (FSIE), credited booming demand from consumer electronics and mobile phone makers.
Sales in the quarter rose 77 percent to 496 million compared to the same quarter a year ago. 
--from staff and wire reports
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