Kabo 6-month net loss at LE 2.6 mln
Egyptian garment maker El Nasr Clothing & Textile Co. (Kabo) reported a net loss of LE 2.6 million ($473,800) for the six months to end-December, the stock exchange said on Thursday.
The firm made a net profit of LE 12.1 million in the same period in 2008, the exchange added.
Kabo produces underwear and outerwear for men, women, and children. It exports around 40 percent of its products to Europe, the United States, Canada and Arab countries. -Reuters
Philip Morris profit up, sets $12 billion buyback
Philip Morris International Inc posted higher-than-expected fourth-quarter profit on Thursday and announced a new $12 billion share repurchase program, sending its shares up more than 4 percent.
Cigarette shipment volume rose 0.5 percent to 218.2 billion units in the quarter, as market share gains in Algeria, Egypt and South Korea helped offset declines in the European Union.
The company, which sells Marlboro cigarettes and other brands outside the United States, said selective price increases helped it offset tough economic conditions and high unemployment rates that prompted some smokers to trade down to lower-priced brands.
The fragility of the economic recovery, particularly with regard to employment levels and currency volatility, naturally warrants a cautious outlook for 2010, CEO Louis Camilleri said in a statement.
However, we enjoy solid momentum and remain confident that we will again post strong financial results this year.
Philip Morris, the world s largest non-state-owned tobacco company, said it intends to buy back $12 billion in stock over the next three years, starting in May. It expects to repurchase $4 billion worth of shares this year.
Profit for the quarter ended Dec. 31 was $1.52 billion, or 80 cents a share, compared with $1.45 billion, or 71 cents a share, a year earlier.
Fourth-quarter revenue rose 9.7 percent to $6.7 billion, including a favorable currency impact. Excluding currency, it said revenue rose by 7.9 percent.
Philip Morris has been able to take advantage of growing cigarette demand in emerging markets, even as the slumping economy and higher taxes have taken their toll on demand in parts of western Europe. -Reuters
Dubai bank Mashreq to raise bond plan to $5 bln
Mashreq, Dubai s largest bank by market value, plans to raise the size of a euro medium term note program to $5 billion from $2 billion, it said late on Thursday.
The lender, owned by billionaire Abdul Aziz al-Ghurair, said in a regulatory filing it would seek approval from shareholders for the bond plan at an extraordinary general assembly meeting on March 7. It did not give further details.
Mashreq made a net loss of 120 million dirhams ($33 million) in the fourth quarter as it raised provisions for asset impairments. -Reuters
Dar Al Arkan issues $450 mln sukuk at 11 pct-source
Saudi real estate developer Dar Al Arkan has issued a $450 million sukuk, or Islamic bond, priced at 11 percent, a banking source said on Thursday, making it the first issue from the region this year.
The magic number is $450 million, the source said. The developer had been expected by bankers to raise around $500-700 million.
The source said the issue had attracted an order book well north of $500 million but the pricing had been more important to the issuer than the amount it could attract at 11 percent.
Unicorn Investment Bank, Deutsche Bank and Goldman Sachs were arrangers for the issue.
The bond from the kingdom s largest developer by market value is the first international issue from the Gulf Arab region in 2010 – and also a first since conglomerate Dubai World rocked global markets on Nov. 25 with plans to request a delay on repaying $26 billion in debt.
There had been speculation the sale could be delayed due to the market turbulence caused by Greece s fiscal woes that have hit emerging markets.
It is the first 144a bond issued by a Saudi firm. There has been an increase in Gulf Arab corporate and quasi-sovereign issuers opting for 144a types of issues, which are regulated under the US securities commission allowing US investors to buy into the issue. -Reuters
OPEC exports to rise in 4 weeks to Feb 27: analyst
Seaborne oil exports by OPEC, excluding Angola and Ecuador, will rise by 430,000 barrels per day (bpd) in the four weeks to Feb. 27, an analyst who tracks future shipments said on Thursday.
Exports from the group will rise to 23.36 million bpd on average from 22.93 million bpd in the four weeks to Jan. 30, UK consultancy Oil Movements said in its latest weekly estimate.
The Organization of the Petroleum Exporting Countries announced late in 2008 it was implementing record oil output cuts of 4.2 million bpd from September 2008 production to bolster prices.
As oil prices climbed during 2009, OPEC adherence to the cutbacks has fallen to below 60 percent from above 80 percent in early 2009, according to industry estimates. -Reuters
