Angry Birds maker Rovio posts sharply lower quarterly profit

The Finnish company reported a second-quarter adjusted operating profit of €6 million. (Reuters)
Updated 17 August 2018
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Angry Birds maker Rovio posts sharply lower quarterly profit

HELSINKI: Rovio Entertainment, the maker of the “Angry Birds” mobile game series, reported a sharply lower quarterly profit on Friday due to declining revenue from its 2016 Hollywood movie, but said sales at its games business were growing.
The Finnish company, which listed its shares last September, reported second-quarter adjusted operating profit of €6 million ($7 million), down from €16 million a year earlier and roughly in line with market forecasts according to Thomson Reuters data.
Total sales fell 17 percent to €72 million while the games unit grew 6 percent to €65 million.
Rovio reiterated its full-year outlook, which in February wiped 50 percent off its share price. The company expects total sales of between €260 million and €300 million this year, against €297 million in 2017.


Vietnam and India agree to boost trade, defense cooperation

Updated 46 min 18 sec ago
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Vietnam and India agree to boost trade, defense cooperation

  • Currently, India has 182 investment projects worth $816 million in Vietnam
  • Vietnamese businesses have a mere seven projects worth some $6 million in India

HANOI, Vietnam: Vietnam and India have agreed to boost their trade while expanding their cooperation in defense and security, among other areas.
Speaking to reporters at a joint press briefing in Vietnam’s capital, Hanoi, Indian President Ram Nath Kovind said Tuesday that he believes the bilateral trade volume will reach $15 billion by 2020, up from $12.8 billion last year.
“We agreed to encourage our industry to tap into the growing economic opportunities in our own countries and in the region,” Kovind said. “India-Vietnam economic relations are on an upswing.”
“We committed to further deepen our defense and security cooperation. I reiterated India’s commitment to provide training support for Vietnam’s armed forces,” he added.
Kovind said he and Vietnamese President Nguyen Phu Trong also reviewed the implementation of an Indian credit line of $100 million to build high-speed patrol vessels for Vietnam’s coast guard.
Trong, who is also head of the Communist Party, said the two countries will find ways to boost their modest investment.
Currently, India has 182 investment projects worth $816 million in Vietnam, while Vietnamese businesses have a mere seven projects worth some $6 million in India.
Kovind is on a three-day visit to Vietnam, where he is scheduled to meet with Prime Minister Nguyen Xuan Phuc later Tuesday before departing.