Toyota posts 11% rise in second-quarter profit as Asia sales rise

Profitability in most of Toyota’s major markets including North America improved. (AFP)
Updated 06 November 2018
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Toyota posts 11% rise in second-quarter profit as Asia sales rise

  • Operating profit at Japan’s largest automaker was ¥579.1 billion for the July-September period
  • Toyota lifted its forecast for full-year profit to come in at ¥2.4 trillion

TOKYO: Toyota Motor Corp. on Tuesday posted an 11 percent rise in second-quarter profit on the back of ongoing sales growth in Asia and Europe, while profitability in most of its major markets including North America improved.
Operating profit at Japan’s largest automaker was ¥579.1 billion ($5.11 billion) for the July-September period. That was up from ¥522.2 billion a year earlier, but undershot a median forecast of ¥584.89 billion from 10 analysts polled by Refinitiv.
Toyota lifted its forecast for full-year profit to come in at ¥2.4 trillion, from a previous forecast of ¥2.3 trillion, based on a revised assumption that the yen will average around ¥110 to the US dollar through March.


UAE’s Network International shrugs off Brexit to list shares in London

Updated 40 min 49 sec ago
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UAE’s Network International shrugs off Brexit to list shares in London

  • The planned share sale comes at an uncertain time in the UK
  • The company, which operates hospitals in the Middle East, was said to be also considering listing in the US or Singapore

DUBAI: Network International, the UAE payments processor, has committed to a London IPO next month in what would be the UK’s first big share sale of the year.
The company intends to have a free float of at least 25 percent and admission to the London Stock Exchange is expected to take place in April, Network International said in a regulatory filing on Thursday.
The planned share sale comes at an uncertain time in the UK where there is still no clarity around whether Britain will leave the EU or not at the end of the month.
VPS Healthcare, the Abu Dhabi-based hospital operator, is reconsidering plans to list in London due to uncertainty surrounding Brexit, Bloomberg reported on Thursday citing a person familiar with the matter.
The company, which operates hospitals in the Middle East, was said to be also considering listing in the US or Singapore.
Emirates NBD, Dubai’s biggest bank, owns 51 percent of Network International while Warburg Pincus and General Atlantic jointly own the rest.
The share sale will be a key test of investor demand for new listings in London after a subdued 2018 across most European markets.
“Volatility has continued in recent months, driven by the uncertainty around trade between the US and China, the wider geopolitical climate and the potential end of the current bull run,” said Peter Whelan, partner and UK IPO Lead at PwC in a recent report.
“We are seeing a healthy number of companies preparing for an IPO in 2019 despite the ongoing Brexit negotiations which have clearly impacted IPO activity on the London market.”
The payment processor reported earnings of $298 million last year according to its website, up from $262 million a year earlier. It does not disclose net income figures.
The company handles digital payments across the Middle East, which generate three quarters of its total earnings.
Last year it processed some $40 billion in payments for more than 65,000 merchants.
Its key markets in the region include the UAE and Jordan it says that Saudi Arabia offers “significant opportunities.” It also offers services in 40 African countries with Egypt, Nigeria and South Africa being its most important segments on the continent.