The Northern Lights (And Dark)

The Norwegian phone company Telenor delivers another solid report Wednesday, in line with their own guiding and the analysts estimates. Also the salmon producer Marine Harvest makes it to the finish line with respectable numbers, but the renewable energy company REC disappoints again. The benchmark index at Oslo Stock Exchange is flashing between red and green.

Several Norwegian-based international companies reports their full 2009-results Wednesday.

On the positive side we find Telenor and Marine Harvest, on the negative side REC (Renewable Energy Company) who stands out with another disappointment.

Asian Success

The leading Nordic phone company Telenor reports an EBITDA of NOK 6,7 billion, compared to average estimates of NOK 6,57 billion.

Telenor awards their shareholders with a dividend of NOK 2,5 – almost double of what was expected.

The company has been critizised over its heavy (and risky) investments in Asia, but the report shows that the Asia business is about to become a success.

“The combination of good numbers, dividends and a quite good guiding for 2010, including India, makes it a very good rapport,” analyst Espen Torgersen at Carnegie says, according to the Norwegian website

“Investments are much lower than expected, providing a good cash flow in the fourth quarter. They have severely reduced debt and announce a dividend. I think this is going to be very well received in the market,” analyst Martin Hoff at Arctic Securities says.

Still – the share is down over 2% in Oslo this morning

Here’s the full press release from Telenor ASA.

Happy Salmon

The international salmon producer Marine Harvest reports an operational profit of NOK 569 million, compared to consensus estimates of NOK 426 million.

The board suggest a dividend at NOK 0,35, which is more than expected.

“Stronger-than-expected underlying earnings in the fourth quarter of 2009, pushing up the dividend for 2009, and a  positive surprise mainly in the VAP (further processed products) makes this a good report. The share is expected to rise,” the brokerage firm Pareto Securities writes in a note to their clients.

Press release from Marine Harvest.

And Then The Sun Came Down

The struggling sun power company REC comes up with another disappointment Wednesday.

The numbers are below expectations and REC also lower their guiding for 2010.

The share dropped almost 20% at the start of the trading at Oslo Stock Exchange today.

Among other things, the report shows that REC lost NOK 2,1 billion in fourth quarter of 2009 and now has a total debt of NOK 10 billion.

CEO Ole Enger rejects the accusation that he should have informed the market about the bad result in advance.

Here’s the press release from REC.

Oslo Tumbling

After a positive start, the benchmark index at Oslo Stock Exchange is now back in the red, and stands at the moment at 350,7 points – down 0,24%

REC: – 19,84%

MHG: + 4,74%

TEL: – 2,50%

(Local time: 11:30)

Markets Snap Shot:








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