Deutsche EuroShop 9-month FFO Down

German-based international real estate investment company Deutsche EuroShop AG (DUSCF.PK) reported that its funds from operations for the nine-month period ended 30th September 2021 declined to 88.2 million euros from 90.9 million euros in the previous year.

Profit was 44.07 million compared to a loss of 105.53 million euros, as adjusted, in the prior year.

Earnings before interest and taxes or EBIT were 111.5 million euros, down from the previous year’s 118.1 million euros, due largely to the coronavirus-driven decline in revenue.

Revenue for the reporting period came in at 157.8 million euros. On a like-for-like basis, this constituted a decrease of 6.4% compared with the same period last year’s 168.7 million euros due to the longer store closure periods compared with 2020.

The company still expects funds from operations to be in the range of 1.70 euros to 1.90 euros per share for the 2021 financial year.

Rupee rises 16 paise to 74.36 against U.S. dollar in early trade

On November 11, the rupee had settled at 74.52 against the U.S. dollar.

The rupee surged 16 paise to 74.36 against the U.S. dollar in opening trade on Friday as a positive trend in domestic equities supported the local unit.

At the interbank Foreign exchange, the rupee opened strong at 74.36 against the dollar, a rise of 16 paise over its previous close.

On Thursday, the rupee had settled at 74.52 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.06% to 95.23.

The Indian rupee opened stronger this Friday tracking the recovery in Asian equities and currencies. However, a strengthening dollar could cap appreciation, Reliance Securities said in a research note.

Markets now will look to cues from the domestic inflation number due tonight after market hours. IIP data will provide clues how the economy is doing, the note added.

Global oil benchmark Brent crude futures fell 0.74% to $82.26 per barrel.

On the domestic equity market front, BSE Sensex was trading 190.88 points or 0.32% higher at 60,110.57, while the broader NSE Nifty advanced 67.15 points or 0.38% to 17,940.75.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth ₹1,637.46 crore, as per exchange data.

Indonesia Economy Expands At Slower Pace In Q3

Indonesia’s economic growth eased in the third quarter as strict restrictions to contain the spread of the COVID-19 dampened household consumption, Statistics Indonesia reported Friday.

Gross domestic product expanded 3.51 percent on a yearly basis, after rising 7.07 percent in the second quarter. This was also weaker than the expected growth of 3.76 percent.

Nonetheless, the economy expanded for the second consecutive quarter.

On a sequential basis, the economy grew 1.55 percent, which was also slower than the economists’ forecast of 1.8 percent.

On the expenditure-side, exports logged the biggest annual growth of 29.16 percent. At the same time, imports were up 30.11 percent.

Household consumption rose only 1.03 percent and government consumption by 0.66 percent. Investment rose 3.74 percent.

With restrictions being relaxed and virus cases now very low, the economy is expected to bounce back strongly in the final quarter, Gareth Leather, an economist at Capital Economics, said. That said, any tightening of monetary policy is still a long way off.

The economist forecast strong GDP growth of around 4 percent sequentially in the fourth quarter.

At the October policy meeting, Bank Indonesia had retained its key interest rate at 3.50 percent.

The central bank forecast the economic growth to continue to improve until the fourth quarter so that the whole of 2021 will remain within the range of Bank Indonesia’s projection at 3.5 percent-4.3 percent.

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John Wood Group Begins Strategic Review Of Its Built Environment Business – Quick Facts

John Wood Group PLC has started a strategic review of the part of its Consulting business facing the built environment end market. The scope of the review will consider a range of options to best unlock value from this part of the business for shareholders, the Group said.

John Wood Group said, overall, it expects to deliver improved revenue and earnings in the second half of 2021 relative to first half of 2021. The Group noted that the rate of recovery in projects has been slower than anticipated largely due to the deferral of activity and awards into 2022. Full year revenue is anticipated to be approximately $6.4 billion. Adjusted EBITDA margin is projected to be 8.5% to 8.7%.

The Group said the working capital impact of lower than anticipated EPC awards together with deferred activity will result in higher than previously anticipated full year net debt, which it expects to be broadly in line with first half of 2021.

Salzgitter Group Posts 9-month Profit; Reaffirms 2021 Guidance – Quick Facts

Salzgitter Group (SZGPF.PK,SZGPY.PK) said it delivered a pre-tax profit of 604.5 million euros in the first nine months of the fiscal year 2021 compared to a loss of 224.4 million euros, prior year. The Group said this result was driven by the dynamic uptrend in selling prices through to August that first and foremost impacted the results of the Strip Steel and Trading business units. The participating investment in Aurubis AG again delivered a very gratifying earnings contribution, the Group noted.

For the first nine months of the fiscal year, earnings after taxes was 467.7 million euros compared to a loss of 243.0 million euros. Basic profit per share was 8.56 euros compared to a loss of 4.54 euros. External sales increased to 7.00 billion euros from 5.26 billion euros. The company said this was due above all to the upturn in prices for rolled steel and notably exceeded the year-earlier figure.

The company reaffirmed its 2021 guidance and continues to expect: an increase in sales to more than 9 billion euros, a pre-tax profit of between 600 million euros and 700 million euros.

“Assuming a positive vote from the Supervisory Board in the summer of next year, we may be able to commence hydrogen-based steel production as early as the end of 2025 and, by 2026, already be producing over one million tons of steel based on this concept,” Gunnar Groebler, CEO of Salzgitter AG, said.