Novartis profits soar 45pc on new drug sales

ZURICH: Swiss pharmaceuticals giant Novartis on Tuesday said strong sales of new products had helped push its net profit up 45 per cent in the third quarter, despite competition from copycat generic drugs.

For the July to September period, the company saw its net profit jump to $3.2 billion (2.6bn euros), while sales swelled four per cent compared to the year-ago quarter to $14.7bn.—AFP

StanChart shares tumble to 5-year low

HONG KONG: Asia-focused bank Standard Chartered Plc warned investors that profits would fall in the second half of this year, after quarterly earnings were hit by a surge in bad loans and higher regulation and compliance costs.

Standard Chartered said that as bad debts rise in key markets like India and China, it will step up its restructuring plan and aims to cut $400 million more from costs next year.

Its London-listed shares tumbled more than 8 per cent to their lowest level for five years. Analysts said the grim results showed the tough task facing Chief Executive Peter Sands, as he tries to turn around the bank after its 10 years of record earnings came to a shuddering halt last year.—Reuters

ICI posts Rs352m quarterly profit

KARACHI: The ICI Pakistan posted profit-after-tax of Rs352 million for the quarter ended September 30, 2014, an increase of 15 per cent over the corresponding period last year.

The net sales income stood at Rs9,363m for the period under review, an increase of 3pc compared to the same period last year.

The operating results increased by 32pc, closing at Rs679m; while the earnings per share increased by 15pc at Rs3.81. —Staff Reporter

BP posts slump in Russian income

LONDON: BP’s third-quarter results took a hit from declining oil prices and a sharp drop in income from Russia as Western sanctions on Moscow led to a slump in earnings from the oil major’s local partner, Kremlin-controlled Rosneft.

BP’s overall profits were broadly in line with expectations at $3 billion but down nearly a fifth year-on-year. Its stock posted modest gains as investors welcomed a 5.3 per cent year-on-year increase in dividends to 10 cents per share.—Reuters

Honda’s half-year net profit up 19pc

TOKYO: Honda on Tuesday said its six-month net profit jumped almost 19 per cent, but the Japanese automaker cut its earnings outlook for the full fiscal year.

The Civic and Accord maker posted a 288.41 billion yen ($2.67bn) net profit in the six months through September, up from 242.87bn a year earlier, while sales rose to 6.0 trillion yen from 5.72 trillion yen.

However, Japan’s number three automaker cut its full-year to March net profit estimate to 565bn yen from an earlier 600bn yen forecast, citing a tougher business environment in key Asian markets, including China.

Honda credited rising revenue in the first half to “brisk sales of vehicles and motorcycles in addition to positive impacts from currency rates”.

Published in Dawn, October 29th , 2014