EID Parry back in black with ₹339-cr. profit in Q3

Staffing group Randstad says business recovering from pandemic hit

  • A 10% drop in underlying earnings to 264 million euros ($318.81 million) and a 5% fall in revenue to 5.69 billion euros in the period through Dec. 31, both matched analysts' forecasts.

Global staffing major Randstad NV said on Tuesday business returned to pre-pandemic levels in January after a steady recovery in the fourth quarter as it reported core earnings and revenue in line with market expectations.

A 10% drop in underlying earnings to 264 million euros ($318.81 million) and a 5% fall in revenue to 5.69 billion euros in the period through Dec. 31, both matched analysts' forecasts.

"Our revenue trend recovered consistently month-by-month from April to December, with activity momentum in January 2021 reaching last year's pre-pandemic levels," CEO Jacques van den Broek said.

The company said there had been "strong demand for essential services" in the latest quarter, creating opportunities for accelerated investment in growth and digitisation.

"At the same time, visibility remains limited with ongoing macroeconomic uncertainty due to the COVID-19 pandemic," Van den Broek said.

In December, Randstad had said its revenues were recovering faster than expected, falling 4% in October and November on average from the previous year due to a hit in hiring from the coronavirus crisis. That compared to a 13% decline in the third quarter.

ASE Technology January Net Revenues Rise

ASE Technology Holding Co., Ltd. (ASX), a provider of semiconductor manufacturing services in assembly and test, reported that its net revenues for the month of January 2021 rose 30.3 percent to NT$40.85 billion from NT$31.34 billion last year.

In US dollar terms, monthly net revenues were $1.44 billion, up 37.5 percent from the prior year.

ATM net revenues for the month of January 2021 grew 19.8 percent year-on-year to US$875 million.

Ocado FY20 Loss Narrows, EBITDA Climbs On Strong Retail Revenues

British online supermarket Ocado Group (OCDO.L) reported Tuesday that its fiscal 2020 loss before tax was 44 million pounds, narrower than last year’s loss of 214.5 million pounds.

Group EBITDA climbed 68.8 percent to 73.1 million pounds from 43.3 million pounds a year ago, reflecting the strong revenue growth and operational gearing at Ocado Retail offset by a negative contribution from International Solutions.

Retail EBITDA soared 265.8 percent from last year to 148.5 million pounds.

Revenue increased 32.7 percent to 2.33 billion pounds from last year’s 1.76 billion pounds, reflecting an acceleration in demand in UK online grocery in response to Covid-19.

Retail revenue climbed 35.3 percent from last year to 2.19 billion pounds.

Looking ahead, the company said its retail revenue growth is highly dependent on length of Covid-19 restrictions. New capacity ramp up over the course of the year from 3 new UK CFCs, two of which are expected to open in the fourth quarter.

The company said Covid-19 will continue to have a significant impact on Group EBITDA performance.

Oil Extends Rally On Optimism Over Demand Recovery

Oil prices reached 13-mongh highs on Tuesday supported by Saudi production cuts, optimism over demand recovery and expectations for a U.S. stimulus package.

Brent crude for April settlement edged up 0.2 percent to $60.85 after having hit as high as $61.27 earlier in the day. WTI crude futures were up 0.4 percent at $58.17.

Both Brent and WTI crude oil prices returned to their pre-pandemic levels, mainly with the help of Saudi Arabia’s decision last week to deliver a surprise cut of 1 million barrels a day in its crude production.

There is optimism over fuel demand recovery as Covid-19 vaccines allow the global economy to open up and enable more traveling.

On the stimulus front, U.S. House Democrats released a draft of stimulus plan on Monday evening, which includes $1,400 stimulus checks, $400 federal unemployment benefits, funding to state and local governments and vaccine distribution among other provisions.

Democrats are rushing to put the stimulus plan for a floor vote by the end of the month. Thereafter, the bill would go to the Senate for approval.

Equifax Announces Acquisition Of AccountScore – Quick Facts

Equifax, Inc. (EFX) has acquired AccountScore Holdings Limited, a global data and analytics business that provides actionable insights and analytics on bank transaction data for clients. Equifax said the acquisition positions it at the forefront of the latest trends in Smart Data, including the transition of Open Banking to Open Finance, to incorporate data on additional financial services products such as insurance policies, pensions and mortgages.

AccountScore’s unit Consents Online Limited is a registered Account Information Service Provider, regulated by the FCA, which provides branded Open Banking as a Service.

EID Parry back in black with ₹339-cr. profit in Q3

Lower selling prices, a drag: MD

EID Parry Ltd, one of the largest manufacturers of sugar in India, reported standalone net profit stood at ₹339 crore for the third quarter ended December.

It had reported a net loss of ₹20 crore in the year-earlier period. Total revenue from operations stood at ₹439 crore (₹437 crore).

Performance during the quarter was impacted following an increase in fair and remunerative price without a corresponding increase in the minimum selling price of sugar and also due to lower selling prices.

The selling prices were under severe pressure due to the carry-over surplus and higher sugar production, said S. Suresh, MD.

“Further, the much-expected export programme did not come through during the quarter. Cane crushing is expected to be marginally better than the last sugar year in Karnataka.”

To reduce debt, the firm had sold 2% more stake in Coromandel International Ltd., a subsidiary.