Leoni AG Posts Wider Loss For Q3; Cuts FY22 View

Leoni AG (LEOGN), a German cable and harnessing maker, on Tuesday reported an increased loss for the third-quarter, amidst a rise in raw material and logistics costs, high volatility of call-offs, inflation, and others. However, the company registered a rise in revenue.

The Nuremberg-headquartered cable maker has revised down its full-year forecast.

For the third-quarter, the company posted a consolidated net loss of 88 million euros, compared with 27 million euros loss, a year ago.

Loss per share from continuing operations was at 3.11 euros as against last year’s 1.51 euros.

Loss EBIT from continuing operations stood at 71 million euros, versus 20 million euros loss, reported for the third-quarter of 2021.

Excluding items, loss EBIT from continuing operations rose to 56 million euros, from 3 million euros loss of previous year quarter.

Loss EBITDA from continuing operations was at 27 million euros, compared with EBITDA of 21 million euros of previous fiscal.

The company generated sales of 955 million euros from its continuing operations, higher than 893 million euros of previous year.

Looking ahead, for the fiscal 2022, Leoni now expects its consolidated sales to be at about 3.8 billion euros, with EBIT loss before exceptional items range of high eight-digit euro. Earlier in March, the company had projected “lower sales and adjusted EBIT, compared to its previous guidance of sales slightly above 5 billion euros, with adjusted EBIT in the mid double-digit million digits.”

ProSiebenSat.1 Media Slips To Loss In Q3, Revenues Weak; Backs FY22 Outlook

ProSiebenSat.1 Media SE (PBSFF.PK) reported Tuesday that its third-quarter net loss group Share of the shareholders was 158 million euros, compared to profit of 73 million euros last year.

Loss per share was 0.70 euro, compared to profit of 0.32 euro a year ago.

Adjusted net income in the quarter was 43 million euros, lower than the previous year’s 58 million euros.

The company generated adjusted EBITDA of 118 million euros, compared to 162 million euros a year ago.

Group revenues were 921 million euros, down 13 percent from 1.06 billion euros a year ago. Organically, Group revenues were down 9 percent.

Looking ahead for fiscal 2022, ProSiebenSat.1 continues to expect Group revenues of around 4.15 billion euros and adjusted EBITDA of around 650 million euros.

Currently, the fourth quarter shows signs of a more pronounced weakened macroeconomic environment than initially reflected in the previous full-year outlook.

ProSiebenSat.1 continues to aim to increase its revenues by an average of 4 to 5 percent per year in the medium- to long-term, even though the macroeconomic environment is currently affecting these growth expectations.

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Hatchback sales lose momentum in India

Sales growth of entry-level cars or hatchbacks like WagonR and Alto have seen a decline during the past few years due to changing consumer preference.

Maruti Suzuki chairman R C Bhargava had on October 28 said that he does not expect hatchback unit sales to grow in the fourth quarter (Q4FY23) or in the next fiscal year.

“This means that everywhere — whether urban or rural — the ability of people to buy hatchbacks has eroded,” he had mentioned.

The sales have dropped from 49.4 per cent in FY17 to 35.1 per cent in the first half of FY23 as car companies have turned their attention to the SUV segment, which is seeing the highest growth.

Bhargava had said that people’s preference shifted from hatchbacks to SUVs much before the current inflationary pressures, even though the prevailing situation will further affect the hatchback segment.

Vodafone H1 Profit Down, Revenues Rise; Now Sees FY23 Adj. EBITDAaL At Lower End Of View

British telecom major Vodafone Group Plc (VOD.L,VOD) reported Tuesday that its first-half profit declined to 1.24 billion euros from last year’s 1.28 billion euros.

Basic earnings per share were 3.52 eurocents, compared to 3.40 eurocents in the prior year.

Adjusted basic earnings per share were 6.02 eurocents, compared to 4.90 eurocents last year.

Adjusted EBITDAaL declined 2.6 percent from the prior year to 7.24 billion euros.

Group revenue grew 2 percent to 22.93 billion euros from last year’s 22.49 billion euros, driven by service revenue growth and higher equipment sales.

Further, the company announced interim dividend per share of 4.5 eurocents, same as last year. The record date is November 25 and the dividend is payable on February 3, 2023.

Looking ahead for fiscal 2023, Vodafone now expects adjusted EBITDAaL to be 15.0 billion euros to 15.2 billion euros, at the lower end of original guidance of 15.0 billion euros to 15.5 billion euros.

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Workspace Profit Jumps On Surge In Rental Income

U.K.-based Real estate investment trust Workspace Group plc (WKP.L) on Tuesday said it recorded a jump in trading profit and in the half-year ended September 30, on the back of strong rental revenue.

Profit before tax increased to 35.8 million pounds, from 3.4 million pounds in the prior period.

Trading profit after interest increased 33.5% to 29.1 million pounds, from $21.8 million pounds in September 2021, driven by the increase in net rental income.

Net rental income increased 36.8 percent to 56.1 million pounds, from 41.0 million pounds in the prior period.

Interim dividend was raised 20% to 8.4 pence per share versus 7.0 pence at the end of the prior period.

Like-for-like rent roll increased by 3.6% to 94.5 million pounds, in the six months to 30 September 2022

Like-for-like occupancy was stable at 89.6% with rent per sq. ft. up 4.0% in the half year to 38.59 pounds.

Shares of Workspace Group closed Monday’s trading at 481.60 pence, down 9.40 pence or 1.91 percent from the previous close.