Tag Archives: RESULTS / (UPDATE 1

UPDATE 1-Italy’s INWIT boosts 2020 guidance as Q3 core profit, revenue increases | Instant News

(Add detail, CEO quote from analyst call)

MILAN, November 5 (Reuters) – Italy’s top cell tower operator INWIT Thursday raised its 2020 financial targets slightly as its business is supported by a deal with phone operators to launch next-generation 5G networks across the country.

Jointly controlled by Italy’s largest telephone group Telecom Italia (TIM) and Vodafone, INWIT said it expects an average annual growth of 8% in both core revenue and profit in its updated business plan through 2023.

INWIT said it expects 2020 revenues to be in the upper end of the 660-665 million euros range targeted for July.

Core earnings excluding lease and recurring free cash flow are expected to slightly exceed 415 million euros and 265 million euros.

Increasing demand for services from mobile phone operators and other radio network players is supporting INWIT’s business, which is currently largely unaffected by the COVID-19 epidemic, the company said.

“Going forward, we think 5G will drive the adoption of complementary technologies, and will drive the creation of an ecosystem as a whole”, Chief Executive Giovanni Ferigo told a call-up analyst.

INWIT said it would pay a dividend of 0.30 euros per share on the 2020 results and would increase its payout by 7.5% annually in the following years.

The telecommunications tower company, which operates more than 22,000 masts across Italy, said it reported a 0.9% increase in quarterly revenue to 186.1 million euros, slightly above the 185 million euro analyst consensus provided by Refinitiv.

Organic income before interest, taxes, depreciation and amortization (EBITDA) rose 0.7%, to 172.8 million euros for July-September, slightly above expectations of 170 million euros.

INWIT shares have risen about 20% since the start of the year, compared to a 16% drop in Milan’s blue-chip FTSE MIB index. (Reporting by Elvira Pollina; editing by David Evans, Kirsten Donovan)


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UPDATE 1-Bradesco Brazil set aside $ 462 million for COVID-19 loan losses | Instant News

(Remodel title, add details)

SAO PAULO, October 28 (Reuters) – Brazilian lender Banco Bradesco SA reported a higher-than-expected third-quarter recurring net profit on Wednesday, despite a surge in loan loss provisions amid the coronavirus pandemic.

Brazil’s second-largest private sector lender posted net income of 5.031 billion reais ($ 894.56 million), about 15% above the consensus analyst forecast according to Refinitiv, but down 23.1% from a year earlier.

Bradesco set aside 5.588 billion reais for bad loans, up 67.5% from a year earlier, but down 37.1% from the previous quarter. That includes 2.6 billion reais in extraordinary provisions related to potential losses caused by the coronavirus crisis.

“The results show the first signs of returning to normality,” said Bradesco Chief Executive Octavio de Lazari in a statement.

As the bank provided a grace period of up to 180 days to help clients deal with the economic crisis stemming from the coronavirus pandemic, the 90-day default ratio fell 0.7 percentage points to 2.3%.

The bank said it was providing a loan grace period of up to 73 billion reais.

Its lending books rose only 0.5% during the quarter, mainly on consumer loans, even though Brazil is facing a recession and unemployment is at its highest level in eight years.

The bank also indicated it has taken some cost-cutting steps as it fell 5.7% from a year earlier, but rose during the quarter.

Return on equity was at 15.2%, recovering from the second quarter, when the bank decided to set aside extraordinary provisions to deal with the coronavirus pandemic.

$ 1 = 5,6240 reais Reported by Carolina Mandl; Edited by Leslie Adler and Sam Holmes


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UPDATE 1 – Cucinelli Italia sees a 10% decline in sales in 2020, to donate unsold stock | Instant News

(Adds details, excerpt from conference call)

July 14 (Reuters) – Italian Brunello Cucinelli expects to limit this year’s sales decline caused by the coronavirus crisis to 10% and says it will sell 30 million euros ($ 34 million) worth of unsold clothing, which will be donated for humanitarian purposes.

Cucinelli, the first Italian luxury group to update the market in the second quarter performance, said sales fell 30% in the first six months but were expected to recover in the second half.

“Already today, we can imagine a positive third and fourth quarter that will result in a mild decline in the 2020 turnover of around 10%,” Chairman Brunello Cucinelli said in a statement.

He said annual sales growth in 2021 was estimated at 15%. This compares with 9% annual growth in 2019.

The impact of locking in April to June is greater than the first three months of 2020, when group income fell by only 2.9% due to Cucinelli’s limited exposure to China where the crisis erupted in late 2019.

Sales in China have risen since locking there died down, the company said, while there is a positive outlook in Europe and the United States, the main market for the $ 1,000 Cucinelli trademark plus cashmere sweaters, with orders for the 2020 fall and winter collections confirmed.

The group said it had decided to order extraordinary supplies for writedown supplies of around 30 million euros for items not sold due to the coronavirus crisis. It said this would be donated for humanitarian purposes.

“We have a number of important products that are important over the first semester, we do not want to present them back in 2021 because we worry that it will damage the contemporary image of the brand,” Cucinelli said at a conference call.

($ 1 = 0.8774 euros)

Reporting by Claudia Cristoferi; Editing by Silvia Aloisi and Edmund Blair


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