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Eni Slips To Loss In Q3 On Weak Production; Backs FY20 Production View

Mitsui & Co H1 Profit Down, Warns On Weak Profit In FY; Stock Down – Quick Facts

Shares of Mitsui & Co., Ltd. (MITSF.PK,MITSY.PK) were losing around 7 percent in trading Japan after the diversified corporation reported Friday lower profit in its first half with weak revenues. Looking ahead, the company projects sharply lower profit in fiscal 2021.

For the first-half, profit attributable to owners of the parent fell 53 percent to 110.02 billion Japanese yen from last year’s 234.15 billion yen. Earnings per share were 65.13 yen, down from 134.61 yen a year ago.

Profit before income taxes declined 42.1 percent from last year to 184.69 billion yen.

Revenues were 3.04 trillion yen, down 10.8 percent from prior year’s 3.41 trillion yen.

Looking ahead for the year ending March 31, 2021, the company projects attributable profit of 180 billion yen or 106.87 yen per share.

In the year 2020, the company’s attributable profit was 391.5 billion yen or 225.98 yen per share.

In Japan, Mitsui shares were trading at 1,620 yen, down 6.90 percent.

Vodafone Idea Q2 loss narrows to ₹7,218 crore

The company had posted a loss of ₹50,897.9 crore in the same quarter of the previous fiscal on account of making provisions for statutory due payments.

Debt-ridden telecom firm Vodafone Idea on October 30 reported the narrowing of its consolidated loss to ₹7,218.2 crore for the quarter that ended September 2020.

The company had posted a loss of ₹50,897.9 crore in the same quarter of the previous fiscal on account of making provisions for statutory due payments.

Total income declined by about 3% to ₹10,830.5 crore during the reported quarter, from ₹11,146.4 crore in the corresponding period of 2019-20.

Vodafone Idea MD and CEO Ravinder Takkar said while challenges related to COVID-19 continue, the second quarter has shown signs of recovery with a gradual improvement in economic activities.

“We are executing on our strategy and our cost optimisation exercise has already started to yield incremental savings. We have also initiated a fund raising exercise to support our strategic intent. Further, we continue to interact with the government seeking long term solutions to the critical challenges, which the industry faces,” Mr. Takkar said.

The company reported decline in subscriber base to 27.18 crore in Q2 FY21, from 27.98 crore in Q1 FY21.

Facebook Says Technical Glitches Improperly Blocked Campaign Ads

Facebook Inc. revealed Thursday how internal technical glitches had disrupted the delivery of some ads from the Joe Biden and Donald Trump campaigns, but said it made changes to resolve those hiccups in the run-up to the November U.S. presidential election.

The social media giant’s admission followed complaints from the Biden camp about how thousands of its ads had been blocked. Facebook said in ablog post it spotted “unanticipated issues” affecting both campaigns, including technical flaws that caused a number of ads to be “paused improperly.”

“No ad was paused or rejected by a person, or because of any partisan consideration,” Facebook said in itspost. “The technical problems were automated and impacted ads from across the political spectrum and both Presidential campaigns.”

Facebook issued a rule for this election season to prevent new ads from entering the system in the week before the vote, to make it easier to address problems with misinformation, such as candidates announcing victory prematurely. But political ads were supposed to be allowed if they were in by the deadline.

Angry Birds maker Rovio reports profit jump

FILE PHOTO: An Angry Birds game character is seen at the Rovio headquarters in Espoo, Finland March 13, 2019. REUTERS/Anne Kauranen

HELSINKI (Reuters) – Rovio Entertainment, maker of the 10-year-old “Angry Birds” mobile game series, on Friday reported a 138% jump in third-quarter adjusted operating profit, helped by lower marketing costs and stable games revenue.

The Finnish company, which listed its shares in 2017, said its profit rose to 12.8 million euros ($15.1 million) from 5.4 million a year earlier, while revenue fell 9.2% to 67.9 million euros due to lower brand licensing revenue.

Eni Slips To Loss In Q3 On Weak Production; Backs FY20 Production View

Italian oil and gas company Eni SpA (E) reported Friday that its third-quarter net loss was 503 billion euros, compared to last year’s profit of 523 million euros.

Loss per share was 0.14 euro, compared to profit of 0.15 euro a year ago.

Adjusted net loss was 153 million euros, compared to profit of 776 million euros last year.

Adjusted operating profit declined 75 percent from last year to 537 million euros from 2.16 billion euros a year ago, hit by the downturn in energy demand driven by the COVID-19 pandemic.

Sales from operations fell 38 percent to 10.33 billion euros from last year’s 16.69 billion euros.

Hydrocarbon production was 1.71 million boe/d, down 10 percent compared to the third quarter 2019.

Looking ahead, the company expects the fourth quarter to be in line with the business trends recorded in the just-ended quarter, which featured high volatility in energy commodity prices due to an uncertain and uneven economic recovery.

The company further said it looks forward to a recovery in demand, whilst continuing to pursue energy transition program.

The company continues to expect fiscal 2020 production target within the range of 1.72-1.74 mboe/d including OPEC+ cuts. Reviewed the target production profile of 2023 to approximately 2 million boe/d.

In 2021, the company projects cost reductions of 1.4 billion euros and lower investments of 2.4 billion euros.