Enel Q1 Profit Rises

Enel (ENLAY.PK,EN) reported that its first quarter profit attributable to owners of the parent rose to 1.43 billion euros or 0.14 euros per share from 1.18 billion euros or 0.12 euros per share last year.

Ordinary EBITDA in the first quarter of 2022 was 4.49 billion euros, an increase of 287 million euros from the previous year.

Revenues in the first quarter of 2022 totaled 34.96 billion euros, an increase of 16.47 billion euros or 89.1% over the same period in 2021.

The Group’s net ordinary income is expected to increase to 6.7 billion euros – 6.9 billion euros in 2024, compared to 5.6 billion euros in 2021.

National Australia Bank HY Cash Earnings Up 4.1%

National Australia Bank Ltd. (NAUBF.PK,NABZY.PK, NAB.AX) reported that its cash earnings for the first-half of fiscal year 2022 rose 4.1% to A$3.48 billion from A$3.34 billion in the prior year.

Net profit attributable to owners of the company grew to A$3.55 billion from A$3.21 billion in the prior year.

Net operating income was A$8.83 billion up from A$8.44 billion last year.

Revenue rose 4.6%, benefitting from pricing discipline and strong growth in lending and deposits which were up 10% and 12% respectively versus March 2021.

Net Interest Margin (NIM) declined 11 basis points (bps) to 1.63%, but excluding the impact from Markets and Treasury and higher holdings of liquid assets, NIM declined 3bps.

Henkel Q1 Sales Up 7.1% Organically

Henkel (HENOY.PK,HENKY.PK) reported that its first quarter Group sales increased nominally by 6.1 percent in the first quarter of 2022 to 5.27 billion euros. Organically, sales were up 7.1 percent. The growth in sales at Group level was driven by price.

Henkel now expects organic sales growth at Group level of 3.5 to 5.5 percent in fiscal 2022. Adjusted EBIT margin is expected to be in the range of 9.0 to 11.0 percent. For adjusted earnings per preferred share at constant exchange rates, Henkel now expects a decline in the range of 35 to 15 percent.

Air France KLM Q1 Net Loss Narrows; Sees Break-even Operating Result In Q2

Air France-KLM Group (AFRAF.PK), comprising Air France, KLM and Transavia, reported Thursday that its first-quarter net loss- Group part was 552 million euros, narrower than last year’s 1.48 billion euros.

Operating result was negative 350 million euros with a margin of negative 7.9 percent, narrower than prior year’s negative 1.18 billion euros.

However, the airline posted a positive EBITDA of 221 million euros, better than expected, despite the continued effect of the Omicron variant, the situation in Ukraine and the sharp increase of fuel prices. The prior year’s EBITDA was negative 628 million euros.

Revenues grew 105.7 percent to 4.45 billion euros from last year’s 2.16 billion euros. Revenue growth was 104.4 percent at constant currency rates.

The number of passengers surged 201.4 percent from last year to 14.58 million. Capacity grew 67.8 percent to 58.06 billion ASKs and traffic grew 207.8 percent to 43.13 billion RPKs.

The company said it recorded strong bookings for the following quarters.

Looking ahead, operating result is expected to be break-even in the second quarter and significantly positive in the third quarter.

The company expects capacity in Available Seat Kilometers for Air FranceKLM Network passenger activity at an index in the range of 80% to 85% in the second quarter and 85% to 90% in the third quarter.

All indices are compared to the respective period of 2019.

U.S. Trade Deficit Widens To Record $109.8 Billion In March

With the value of imports showing a substantial increase, the Commerce Department released a report on Wednesday showing the U.S. trade deficit widened to a new record in the month of March.

The report showed the trade deficit widened to $109.8 billion in March from a revised $89.8 billion in February. Economists had expected the deficit to widen to $107.0 billion from the $89.2 billion originally reported for the previous month.

The wider trade deficit came as the value of imports soared by 10.3 percent to $351.5 billion in March after climbing by 1.6 percent to $318.6 billion in February.

The spike in the value of imports reflected sharp increases in imports of industrial supplies and materials, consumer goods, capital goods and automotive vehicles and parts.

Meanwhile, the report showed the value of exports jumped by 5.6 percent to $241.7 billion in March after rising by 1.9 percent to $228.8 billion in February.

Exports of industrial supplies and materials showed a substantial increase, while exports of automotive vehicles and parts also edged higher.

“We suspect imports will fall back over the coming months, particularly given the lockdowns in China, but net trade will probably remain a drag on GDP growth in the second quarter,” said Andrew Hunter, Senior U.S. Economist at Capital Economics.

The report showed the goods deficit widened to $128.1 billion in March from $107.8 in February, while the services surplus edged up to $18.3 billion from $18.0 billion.

BMW Q1 Profit Soars, Automotive Deliveries Down; Backs FY22 Outlook – Quick Facts

German luxury carmaker BMW AG (BMW.L,BAMXF.PK,BAMXY.PK) reported Thursday that its first-quarter Group net profit surged 256 percent to 10.19 billion euros from last year’s 2.83 billion euros.

Earnings per share grew to 15.33 euros from 4.26 euros a year ago.

Group earnings before tax or EBT increased 225.4 percent to 12.23 billion euros from last year’s 3.76 billion euros.

The company attributed the strong increase in earnings to full consolidation of China joint venture BMW Brilliance Automotive Ltd or BBA, as well as sustained high demand for its premium vehicles.

First-quarter revenues climbed 16.3 percent to 31.14 billion euros from last year’s 26.78 billion euros.

Automotive deliveries declined 6.2 percent to 596,907 units mainly due to lower sales in BMW brand. Motorcycles deliveries grew 11.3 percent.

Sales of electrified vehicles increased significantly by 28 percent to 89,669 units.

Looking ahead for fiscal 2022, BMW Group said it is maintaining its guidance driven by strong global demand for its attractive premium vehicles.

The effects of the full consolidation of BBA are projected to lead to significant growth in Group earnings before tax, despite the negative impacts from production adjustments.

Deliveries in the Automotive Segment are forecast to be on par with last year. The EBIT margin is still expected to be within the range of 7-9 percent.