Business World

Monday 11 December 2017

Shares in Dragon Oil rise on results

SHARES in Dragon Oil spiked yesterday, after the company said first-half revenue nearly doubled, year on year, to $527.4m (€371m) and operating profits jumped 135pc to $407.3m. Earnings per share rocketed to 59.98c. The company also said it would look seriously at acquisitions. Dragon closed up 6.9pc in Dublin yesterday, at €5.13.

Car sales hit by end of scrappage deal


OFFICIAL figures show that new car sales weakened in July, the first month since the ending of the scrappage scheme. The Central Statistics Office said 6,953 new cars were licensed in July, down 0.9pc from the 7,018 recorded in July last year.

Castlestone shuts Dublin-based funds


LONDON-based fund firm Castlestone Management, which is the subject of an ongoing probe by Britain's Financial Services Authority, is to shut its Dublin-based funds range, blaming what it calls "incorrect and misleading" media reports, among other things. The firm said the move to close the funds was unrelated to the ongoing regulatory investigation.

Commerzbank hit by Greek writedown


GERMANY'S Commerzbank said its net profit fell sharply in the second quarter as it wrote down €760m in bonds issued by financially troubled Greece. The bank otherwise showed improved results from trading securities and from financing medium-sized companies in a growing German economy. Net profit fell to €53m from €361m in the same quarter a year ago. The bank took the large writedown on Greek bonds effective June 30, the last day of the quarter.

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