Danske Bank Q2 net profit broadly in line with forecasts
Danske said its net profit fell to 5.45 billion Danish crowns ($848.26 million) in the second quarter from 5.84 billion a year earlier, broadly in line with the 5.50 billion expected by 11 analysts on average in a LSEG poll of analysts.
"Despite the challenges posed by geopolitical turbulence and market volatility, the macroeconomic environment in our operating markets remains robust. The Nordic economies continue to exhibit resilience," the bank said in a statement.
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Reuters
12 minutes ago
- Reuters
Mining giant Grupo Mexico reports profit bump as copper costs shrink
MEXICO CITY, July 29 (Reuters) - Mining and transportation conglomerate Grupo Mexico reported net profit rose 10% in the second quarter, helped by lower mining costs and a good performance from its copper byproducts business even as copper production edged down. Net profit for the group, a leading copper producer, came in at $1.23 billion from revenues that fell 4% to $4.24 billion, according to a filing dated late Monday, the latter above a $4.22 billion estimate of analysts polled by LSEG. Earnings before interest, taxes, depreciation, and amortization for the three months through end June rose 1.4% to $2.36 billion. Analysts polled by LSEG had expected EBITDA to land at $2.22 billion. Grupo Mexico, controlled by billionaire German Larrea, ranks among the world's largest copper producers by volume. At midday in Mexico City, its shares were trading up 1.3%. It maintained forecasts for an expected annual output of 1.08 million metric tons of copper, as output of the red metal over the quarter reached 267,325 tons, 1.3% less than the same period a year earlier, due to lower output at its Buenavista mine in Mexico's northern Sonora state. Although copper sales fell 2.9% from a year earlier, sales of molybdenum - a metal used to strengthen steel and speed petroleum refining - along with zinc and silver, rose. The mining division's cash cost for its primary metal, meanwhile, fell 10% from a year earlier, hitting $0.93 per pound of copper versus an average price of $4.55 per pound. Analysts at JPMorgan pointed to "a strategic decision to prioritize zinc and silver production at Buenavista Zinc, impacting copper production," and noted that Grupo Mexico had touted "the lowest cash costs in the copper industry, benefiting from higher byproduct credits." Byproduct credits refer to revenue generated from secondary metals extracted alongside a miner's main product. Santander analysts highlighted the lower metal extraction costs net of byproducts. "Grupo Mexico's balance sheet remains strong," they said. Earlier this month, U.S. President Donald Trump announced a 50% tariff on copper shipments starting August 1 in a bid to promote domestic development. The U.S., however, depends on imports for nearly half of its refined copper needs, and homegrown projects often take years to get off the ground. Chile, Canada and Mexico are currently its main suppliers. "There is an opportunity to invest up to $6.2 billion in the reopening and expansion of projects that align with the new mining and industrial policies of President Trump's administration," Grupo Mexico said in a report. It said it could expand production at its Ray and Silver Bell copper mines as well as reopen its Hayden smelter, all run by U.S. subsidiary Asarco, in Arizona. These proposals follow years of negotiations with local unionized workers. Construction of Grupo Mexico's Tia Maria project in southern Peru is progressing as planned, it added, and should launch in 2027. Sales at Grupo Mexico's transport division slid due largely to foreign exchange effects, the firm said, while its infrastructure arm was hit by the suspension of four platform projects on the part of state oil producer Pemex (
The Independent
41 minutes ago
- The Independent
Nantucket officials accuse offshore wind developer of going into hiding since Trump's election
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Reuters
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European second-quarter corporate profits expected to rise after EU-US tariff deal
July 29 (Reuters) - The outlook for European corporate health has improved, the latest earnings forecasts showed on Tuesday, after the European Union struck a framework trade deal with the U.S. on Sunday after weeks of negotiations. European companies are expected to report growth of 1.8% in second-quarter earnings, on average, according to LSEG I/B/E/S data, a large improvement from the 0.3% fall analysts had expected a week ago. The framework trade agreement sets out a 15% import tariff on most EU goods from next month, lower than the 30% U.S. President Donald Trump had threatened to apply earlier in July, but likely higher than businesses had hoped. Before the agreement, Trump's tariff policies had changed frequently since April, the most common start of the second fiscal quarter. Some were imposed while others were proposed and then delayed. This earnings season is the first to expose the impact of Trump's tariff-fuelled trade war on corporate health. Revenue meanwhile is expected to be slightly worse than last week's estimate, the LSEG report showed, with analysts expecting a 3.3% fall versus a 3.1% drop previously. That would be the worst quarterly performance in more than a year. It compares to a 3.0% increase in earnings and a 0.8% drop in revenues a year ago. Milan-listed Stellantis ( opens new tab said on Tuesday as it reported its half-year results that it expected a 1.5 billion euro ($1.7 billion) impact from U.S. tariffs this year, at the higher end of a forecast range provided last week. Volkswagen ( opens new tab last Friday cut its full-year sales and margin forecasts when it reported a 1.3 billion euro hit from tariffs for the first half, in the German carmaker's first assessment of the damage from Trump's trade war. Companies still to report this week include Adidas ( opens new tab, Anheuser-Busch InBev ( opens new tab and Santander ( opens new tab. As of Monday's close, Europe's benchmark STOXX 600 (.STOXX), opens new tab index was up about 8% since the start of 2025. ($1 = 0.8674 euros)
