RIB Software FY Profit Drops; Suspends 2020 Outlook – Quick Facts

RIB Software SE (RSTAY.PK) reported that its net profit for fiscal year 2019 dropped 58.4 percent to 9.1 million euros from 21.9 million euros in the prior year.

Annual revenues increased by 56.8% to 214.6 million euros from 136.9 million euros in the prior year.

Recurring revenues sharply increased by 94.5% to 112.6 million euros from the prior year.

The company has suspended its 2020 guidance, due to current developments in connection with the coronavirus or COVID-19.

In 2020, RIB expects to have available liquid funds of more than 400 million euros as the sum of liquid assets, free cash flow and a credit line, which gives RIB an extremely solid financial position to meet future challenges.

RIB CARE aims to actively support people in need. The administrative board has approved a budget of up to 500,000 euros for this purpose. The RIB CARE team is developing an air bridge from Asia to Europe in order to provide medical staff and caregivers in senior homes with protective clothing, such as masks and protective suits.

Sinopec FY19 Profit Down; Sees Weak Domestic Demand In H1 Due To COVID-19

China Petroleum & Chemical Corp. (SNP) or Sinopec reported Monday that its fiscal 2019 net profit attributable to equity shareholders declined 8.7 percent to 57.59 billion Chinese yuan from 63.09 billion yuan last year.

Earnings per share were 0.476 yuan, down from 0.521 yuan last year.

Adjusted attributable net profit was 54.27 billion yuan, compared to prior year’s 59.63 billion yuan.

Profit before taxation fell 10.4 percent from last year to 90.02 billion yuan, and operating profit declined 11.3 percent to 90.03 billion yuan.

Operating income, however, grew 2.6 percent to 2.97 trillion yuan from 2.89 trillion yuan last year.

Looking ahead for fiscal 2020, the company said it expects the fundamentals sustaining sound economic growth in China remain unchanged, despite the increasing instability and uncertainty of the international political and economic situation, and the impact on China’s economy by coronavirus or COVID-19 outbreak in the short term.

Domestic demand for energy and chemical products will be relatively weak in the first half, but the accumulated demand is expected to be released rapidly after outbreak.

Due to the outbreak, the adjustment of the Company’s production plan for 2020 is currently underway. The company said it will confirm the production plan according to the market trends in the future.

Separately, Sinopec said it has proposed to appoint Liu Hongbin as an executive director of the seventh session of the Board of Sinopec.

Harvey Weinstein Tests Positive For Coronavirus

Disgraced former Hollywood mogul Harvey Weinstein has tested positive for coronavirus.

He was infected with the deadly virus while in prison, reports quoting Michael Powers, president of the New York State Correctional Officers and Police Benevolent Association, said.

The sexagenarian has been placed in isolation at Wende correctional facility near Buffalo in New York.

Two other prisoners also tested positive on Sunday, Reuters reported.

Several staff at the high security jail, including corrections officers, have been quarantined, according to Powers.

A 2017 New York Times report exposing allegations of sexual misconduct by Weinstein stretching nearly three decades against women in the film industry, his female assistants and employees eventually brought down the film mogul.

Dozens of women, including several celebrity actresses, came out against him with more allegations, and some of them sued him.

A New York jury convicted Weinstein of committing a first-degree criminal sexual act against his former production assistant Miriam Haley in 2006. He was also found guilty of third-degree rape of aspiring actress Jessica Mann in 2013.

He was sentenced to 23 years in prison earlier this month.

Weinstein was transferred from New York City’s Rikers Island jail to Wende correctional facility last week.

Stock Alert: Cal-Maine Foods

One of the largest Eggs producers in the U.S. Cal-Maine Foods, Inc. (CALM), is set to release its third quarter results today, March 30.

Shares of Cal-Maine saw a surge from its 52-week low of $30.74, touched on March 12, as the egg prices soared due to increased demand during the current Covid-19 pandemic. The stock gained nearly 40% in the past two weeks.

For the third quarter, four analysts on average polled by Thomson Reuters expect earnings of $0.17 on revenue of $338.08 million.

In the last three quarters, earnings at Cal-Maine have missed estimates.

On Friday, March 27, CALM jumped $2.20 or $5.47% before closing at $42.42. It’s 52-week high is at $47.

Maruti Suzuki announces service, warranty extensions to support customers

Shares of the company were trading at ₹4,453 apiece, 4.15% lower than their previous close on BSE.

Maruti Suzuki India (MSI) on Monday said it has extended warranty and service timelines of customer vehicles in wake of coronavirus pandemic.

“For customer vehicles, whose free service, warranty and extended warranty are scheduled to end in the period from March 15, 2020 to April 30, 2020 are now being extended up to June 30, 2020,” MSI said in a statement.

Shares of the company were trading at ₹4,453 apiece, 4.15% lower than their previous close on BSE.

Toyota halts production in European plants

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Toyota Motor Corp. said Monday its auto plants in Europe will halt production, at least until April 20, because of the new coronavirus outbreak.

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Its European plants are in France, Great Britain, Czechoslovakia, Poland, Turkey and Portugal.

US AUTOMAKERS TO EXTEND SHUTDOWN INTO APRIL: SOURCES

All its plants in China resumed normal production Monday, spokeswoman Kayo Doi said. Japan’s top automaker also stopped production in Russia, through Friday.

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It earlier halted assembly lines in North America and has partially shut down production in Japan, South America and parts of Asia.