je.st
news
Tag: impairment
U.S Steel reports third quarter loss on goodwill impairment charges
2013-10-29 02:35:06| Steel - Topix.net
United States Steel Corp swung to a third-quarter loss as the steel-maker took an after-tax goodwill impairment charge related to a writedown in the value of two of its North American units.
Tags: reports
loss
charges
steel
Impairment charges hit AEP's 3rd-qtr net income
2013-10-24 02:00:18| Energy - Topix.net
Utility company American Electric Power said Wednesday its net income sank 11 percent in the third quarter, weighed down by impairment charges from its operations in Texas and Kentucky.
Alcatel-Lucent posts Q2 loss on impairment charge
2013-07-30 09:09:00| Telecompaper Headlines
(Telecompaper) Alcatel-Lucent reported a net loss of EUR 885 million for the second quarter, after a EUR 552 million writedown. The impairment charge follows a review of assets as part of the company's 'Shift Plan', announced by new CEO Michel Combes in June. He said the planned cost reductions and debt refinancing under the plan were on track to meet the company's full-year targets. The net result in Q2 also included EUR 194 million in restructuring charges. Excluding the one-time items, the company posted an adjusted operating profit of EUR 46 million or 1.3 percent of sales. Its gross margin improved to 31.9 percent from 31.8 percent in the year-ago quarter and 29.4 percent in the first quarter 2013. Revenues were up 1.9 percent year-on-year to EUR 3.612 billion, supported by strong growth in the IP division. The company's cash flow was still a negative EUR 248 million, due to restructuring costs and changes in working capital. Combes said "cash remains a challenge" and the company will continue to look for opportunities to reschedule its debt to later years. Net debt swelled to EUR 794 million at the end of June, from EUR 358 million in March, due to higher working capital on an increase in inventories, restructuring charges and contributions to pensions and capex. The debt refinancing in recent months has reduced the amount owed before 2016 by in total EUR 450 million.
Tags: posts
loss
charge
impairment
Telefonica net profit falls 82% in Q4 on impairment charges
2013-02-28 08:25:00| Telecompaper Headlines
(Telecompaper) Telefonica reported net profit of EUR 473 million for the fourth quarter of 2012, down 82.3 percent from the year-earlier period. The result included an impairment charge of EUR 949 million on its stake in the Telco shareholding in Telecom Italia, a Telefonica Ireland impairment of EUR 513 million and the effect of the Venezuelan Bolivar devaluation, at EUR 417 million. OIBDA fell 8.6 percent to EUR 5.45 billion, and the margin was down 2.5 percent points to 34.4 percent. Revenues were down 2.0 percent to EUR 15.84 billion. Debt reduction accelerated in the last quarter, with net down by EUR 4.75 billion over the three months to EUR 51.26 billion. Telefonica met its target for net debt of less than 2.46 times EBITDA, with a ratio of 2.36 at year-end. With annual revenues down 0.8 percent, the operator did not quite meet its target for flat sales in 2012, but Telefonica said it expects a return to revenue growth in 2013. The decline in EBITDA margin should also be smaller this year than last year's 1.9 percent point drop. Capex is forecast similar to last year's 14.2 percent of revenues, and net debt is expected to drop below EUR 47 billion by the end of 2013. Telefonica reiterated it will restore its cash dividend in 2013, at EUR 0.75 per share.
Tags: net
falls
charges
profit
STC profits hit by impairment charges
2013-01-21 11:06:00| Telecompaper Headlines
(Telecompaper) Saudi Telecom Company (STC) reported a 6.7 percent increase in revenues for 2012, to SAR 59.37 billion. The increase in revenues was attributed to growth in broadband (fixed & mobile), the business segment and wholesales services. Net income amounted to SAR 7.35 billion, down 4.9 percent from 2011. This was due to charges in Q4 to write down the value of investments in Cell C in South Africa and Aircel in India. As a result of the impairment charges of SAR 641 million and STC's share of extra regulatory fees for Aircel of SAR 544 million, net profit in the fourth quarter fell 79 percent to SAR 468 million. Excluding the charges, STC said net income would have been SAR 8.54 billion for the year, an increase of 10.4 percent compared to 2011. The board recommended the distribution of SAR 1.0 billion in cash dividends for Q4 2012, equal to SAR 0.5 per share. STC's total domestic mobile customer base increased 9.3 percent compared to Q4 2011 and 2.6 percent compared to Q3 2012. The fibre-optic network reached over 500,000 homes passed by year-end and counted more than 100,000 connected customers.
Tags: hit
charges
profits
impairment