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Spanish oil company Moeve's profit falls on blackout impact
Spanish oil company Moeve's profit falls on blackout impact

Reuters

time2 days ago

  • Business
  • Reuters

Spanish oil company Moeve's profit falls on blackout impact

MADRID, July 28 (Reuters) - Spain's second-largest oil refiner Moeve, formerly known as Cepsa, said on Monday its net profit fell 19% in the first half of the year mainly due to the impact of a massive power blackout in April in Spain and Portugal on its refineries. Its net income dropped to 324 million euros ($378 million), while earnings before interest, taxes, amortisation and depreciation fell 33% from a year ago to 733 million euros ($855.92 million). The company attributed the core profit's decline mainly to the cost of halting and restarting its two oil refineries during and after the April 28 blackout. It can take one or two weeks for such plants to be fully operational after shutdowns. The Moeve refineries also halted for scheduled maintenance during the first six months of this year, which further reduced utilisation ratios. The company did not release an estimate of the cost of the outage, though rival Repsol ( opens new tab, which operates five refineries in Spain, said the blackout and other smaller power-supply issues cost it 175 million euros in the second quarter. Owned by Abu Dhabi fund Mubadala and U.S.-based private equity firm the Carlyle Group (CG.O), opens new tab, Moeve rebranded last year to reflect its shift towards low-carbon businesses under an 8-billion-euro plan. It has sold 70% of its oil production assets since 2022, including operations in Abu Dhabi and South America. ($1 = 0.8564 euros) ($1 = 0.8570 euros)

McDonald's to sell 8 Hong Kong retail spaces valued at $153 million, JLL says
McDonald's to sell 8 Hong Kong retail spaces valued at $153 million, JLL says

Reuters

time3 days ago

  • Business
  • Reuters

McDonald's to sell 8 Hong Kong retail spaces valued at $153 million, JLL says

HONG KONG, July 28 (Reuters) - McDonald's Corp (MCD.N), opens new tab is planning to sell eight prime retail properties in Hong Kong with a total market value of around HK$1.2 billion ($152.89 million), JLL, which has been appointed as the sole agent of the sale, said on Monday. The McDonald's outlets in the locations will remain operational, JLL executive director of capital markets Eunice Tang said in a statement. Hong Kong Economic Times reported earlier on Monday McDonald's planned to sell all of its 23 retail spaces - valued at nearly HK$3 billion in total - in batches, but it would continue operating in existing locations as tenants, and the sale would not affect its operations in the city. McDonald's has around 256 restaurants in Hong Kong, the report said, many in rented spaces. McDonald's Corp could not be immediately reached for comment. In 2017, Chicago-based McDonald's Corp sold an 80% stake in its mainland Chinese and Hong Kong operations to a group that included CITIC Ltd ( opens new tab, its investment arm CITIC Capital, and Carlyle Group for up to $2.1 billion. But the assets remain under McDonald's Corp. The sale of the eight retail properties is offered through a public tender that ends on September 16. JLL said it had already received significant interest from a wide pool of potential investors. All the properties are secured with long-term McDonald's leases, and they are available for purchase either individually or as a portfolio, it added. Overall prime street rents in the first quarter have fallen back to 2003 levels, as Hong Kong's retailers battle shifting consumer habits that have led to a wave of store closures. ($1 = 7.8490 Hong Kong dollars)

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