INDUS Reports Profit In Q3; Projects Good FY Operating Results With Slightly Reduced Sales Target

INDUS Holding AG (INHG) posted a third quarter profit after tax to shareholders of 21.4 million euros compared to a loss of 50.7 million euros, previous year. Profit per share from continuing operations was 0.87 euros compared to a loss of 0.03 euros. Operating income or EBIT was 32.1 million euros compared to 10.3 million euros. Sales were 459.7 million euros compared to 458.8 million euros, previous year.

In the first nine months of 2023, operating income or EBIT rose by 19.5% to 116.9 million euros. EBIT before impairment losses was 134.5 million euros compared to 137.6 million euros. Sales were up by 1.4% to 1.36 billion euros.

The Board of Management now forecasts full-year sales to be in the forecast range of 1.8 billion euros to 1.9 billion euros. The company projects operating income at the lower end of the range of 145 million euros to 165 million euros and an EBIT margin at the upper end of the forecast range of between 7% and 8%. EBIT excluding impairment losses is expected to be at the upper end of the guidance range.

Johannes Schmidt, Chairman of the INDUS Board of Management, said: “Despite the slightly reduced sales target, we expect good operating results for the year as a whole and, in particular, a rising EBIT margin.”

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Toshiba Slips To Loss In Q2

Japanese conglomerate Toshiba Corp. reported net loss attributable to shareholders of the company of 26.74 billion yen in the second quarter compared to income of 74.77 billion yen in the same quarter last year.

Net sales for the second quarter declined to 793.55 billion yen from 854.56 billion yen in the prior year.

Fiscal year 2023 Operating income forecast of 110.0 billion yen is unchanged from the previous forecast of August 7, reflecting the current status.

The company projects annual net sales to be 3.20 trillion yen, representing a decrease of 4.8% from the prior year.

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HHLA Group Q3 Profit Declines, Revenue Down 7.7%; Projects Significant Decrease In 2023 Revenue

Hamburger Hafen und Logistik AG reported that its third quarter profit after tax and minority interests was 3.7 million euros, a decline of 85.7% from a year ago. EBIT was 25.3 million euros, down 57.1%. Third quarter revenue was 362.9 million euros, a decline of 7.7%.

For the nine month period, profit after tax and minority interests was 11.9 million euros, a decline of 83%. Operating result or EBIT decreased by 52.8 percent to 75.6 million euros. Revenue was 1.09 billion euros, down 7.1%.

HHLA Group noted that the ongoing war in Ukraine, geopolitical tensions, inflation and rising interest rates put pressure on consumer and industrial demand and are continuing to hinder the global economic recovery in the aftermath of the pandemic.

For 2023, overall, the Group projects a significant decrease in revenue. The operating result or EBIT is still expected to be between 115 million euros and 135 million euros.

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Land Securities Group HY Attributable Loss Narrows – Quick Facts

Land Securities Group Plc. (LAND.L) reported that its loss attributable to shareholders of the parent for the six months ended 30 September 2023 narrowed to 181 million pounds or 24.4 pence per share from 190 million pounds or 25.7 pence per share in the prior year.

EPRA earnings per share were 26.7 pence compared to 26.6 pence in the previous year.

Revenues for the period grew to 412 million pounds from 394 million pounds in the prior year.

The company reiterated its guidance for EPRA earnings per share this year to be broadly stable vs last year’s underlying level of 50.1 pence, before returning to growth next year. The company continues to expect its dividend to grow by a low single digit percentage per year over these two years.

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SINGULUS Posts Negative EBIT In Q3 – Quick Facts

SINGULUS TECHNOLOGIES (SGTSF.PK,SGTSY.PK) posted a third quarter negative EBIT of 4.9 million euros, compared to EBIT of 8.0 million euros in the previous year. Sales declined to 14.1 million euros from 23.3 million euros, previous year.

For the first nine months, the Group recorded a negative EBIT of 5.6 million euros compared to EBIT of 9.5 million euros, last year. Sales were 55.8 million euros, compared with 67.5 million euros, prior year.

SINGULUS expects to receive extensive new orders in the Solar segment in the coming months.

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Glencore To Buy 77% Stake In Teck Resources' Steelmaking Coal Business For $6.93 Bln

Glencore Plc (GLCNF.PK,GLNCY.PK,GLEN.L) announced Tuesday its binding agreement to acquire a 77 percent effective interest in Teck Resources Limited’s (TECK) steelmaking coal business, Elk Valley Resources or EVR, for $6.93 billion in cash.

Concurrently, Teck has agreed with Nippon Steel Corp. that its current 2.5 percent interest in Elkview Operations will be rolled up to equity in EVR. Nippon Steel will acquire additional equity in EVR from Teck, such that on closing, Nippon Steel will hold a 20 percent equity interest in EVR.

Further, POSCO has advised Teck that it intends to exchange its current 2.5 percent interest in Elkview Operations and its 20 percent interest in the Greenhills joint venture, for a 3 percent interest in EVR.

At closing, Glencore will also acquire from Teck, NSC and POSCO’s attributable share of a shareholder loan from Teck to EVR which is repayable out of EVR’s cash flows. The amount payable for this portion of the loan would be around $250 million to $300 million on closing.

The company said the transaction is expected to close in the third quarter of fiscal 2024, subject to mandatory regulatory approvals, being Investment Canada Act (“ICA”) and competition approvals.

On the deal closure, assuming the POSCO roll-up proceeds, EVR will own 100 percent interests in the entities holding the Elkview, Fording River, Greenhills and Line Creek mines in Southeast British Columbia, and 46 percent of Neptune Terminals in North Vancouver.