IN BRIEF (Page 16)

Slight drop

Third-quarter net profit at Swiss Re dropped by a smaller-than-expected 5 percent as the world's largest reinsurer benefited from low claims, but its financial services unit posted a loss.

Net profit was 1.469 billion Swiss francs ($1.27 billion), well above the average forecast in a Reuters poll of 14 analysts of 1.232 billion francs.

Softbank strengthens

Japanese telecoms and Internet group Softbank Corp's first-half operating profit rose 49 percent as its new price plans and a marketing blitz won subscribers away from bigger rivals.

Softbank, which bought Vodafone's Japan unit in April last year, aims to increase profitability after months of undercutting bigger rivals NTT DoCoMo Inc and KDDI Corp in pursuit of new subscribers.

Astellas' aspirations

Astellas Pharma Inc, Japan's second-largest drugmaker, expects full-year profit to beat analysts' estimates on increased US sales of the bladder control treatment Vesicare and immunosuppressant Prograf.

Net income will jump 20 percent to 158 billion yen ($1.4 billion) in the 12 months ending March 31, from a 131.3 billion a year earlier, the Tokyo-based company said yesterday. Astellas was expected to forecast profit of 153 billion yen, according to the average estimate of 16 analysts compiled by Bloomberg.

Yell rises

Yell Group Plc, publisher of the United Kingdom's Yellow Pages phone books, said fiscal first-half profit rose 44 percent on "strong" online performance. Yell's shares fell after the company said it faces tough competition in the United States, its biggest market.

Net income rose to 83.8 million pounds, or 10.7 pence a share, from 58.1 million pounds, or 7.5 pence, a year earlier, the Reading, England-based company said in a statement yesterday.

Heidelberger slumps

Heidelberger Druckmaschinen AG, the world's largest maker of printing machines, slumped the most in a year after fiscal second-quarter profit fell more than analysts estimated.

Heidelberger Druck fell as much as 7.8 percent to 25.22 euros, the most since November 7, 2006, and was trading at 25.95 euros as of 10:58 am in Frankfurt.

Rhodia gains

Rhodia SA, France's largest maker of specialty chemicals, rose the most in almost two years in Paris trading after saying it will reach a debt-reduction target one year ahead of schedule.

Rhodia gained as much as 2.25 euros, or 8.7 percent, to 27.98 euros in Paris, where it's based. The stock, yesterday's second-best performer on the Dow Jones Stoxx 600 index, traded at 27.94 euros as of 11:52 am local time.

Premiere plunges

Premiere AG, Germany's biggest pay-television company, said third-quarter profit dropped on higher incentives to lure customers.

Net income declined to 100,000 euros from 5.4 million euros a year earlier, Premiere said in an e-mailed statement yesterday. Analysts forecast a loss of 18 million euros, the median of eight estimates in a Bloomberg News survey. Sales dropped 8.2 percent to 247.5 million euros.

Power cut warning

BHP Billiton Ltd, Xstrata Plc and other companies operating in South Africa must brace themselves for another eight years of power cuts and a jump in prices, said Jacob Maroga, chief executive officer of Eskom Holdings Ltd.

"It's a tough pill to swallow, but it's reality," said Maroga, whose company supplies almost all of South Africa's power. "The fundamental problem is growth." The economy is growing close to its fastest rate in 21 years.

Agencies-Bloomberg News

(China Daily 11/07/2007 page16)