IN BRIEF (Page 16)

Going up

Schindler Holding AG, the world's second-largest elevators maker, said first-quarter profit rose 43 percent on income from elevators and escalators.

Net income increased to 159 million Swiss francs ($158 million) from 111 million a year earlier, the Hergiswil, Switzerland-based company said yesterday.

Water sale

Germany utility RWE AG said yesterday that it has sold 36 percent of American Water Works Co and will take a charge of up to 600 million euros on the transaction.

The Essen-based utility, Germany's second biggest, said it decided to sell 58 million shares in the US company at $21.50, raising $1.2 billion in its initial public offering on the New York Stock Exchange.

Northrop wins battle

Northrop Grumman Corp beat out Boeing Co and Lockheed Martin Corp to win a $1.16 billion US Navy contract to design and develop an unmanned aircraft for patrolling coastlines and the open ocean.

Although the Broad Area Maritime Surveillance - or BAMS - award is for the initial development of the plane, the contract could ultimately be worth several billion as the Navy buys as many as 44 unmanned aircraft.

Appetizing result

A strong international appetite for the fast-food fare at Yum Brands Inc - the parent company of Taco Bell, KFC and Pizza Hut - fueled a 31 percent jump in the company's first-quarter profit.

The company on Tuesday reported double-digit growth in operating profit at its China and international divisions for the three months ended March 22.

Last resort

Italy's decision to provide Alitalia SpA a 300 million-euro loan will prevent the unprofitable airline from collapsing and give investors time to prepare bids, said Prime Minister-elect Silvio Berlusconi.

Outgoing Premier Romano Prodi, who has been trying to sell the state's 49.9 percent stake in Alitalia for more than a year, announced the financing late on Tuesday.

Airline's earnings

Deutsche Lufthansa AG, Europe's second-biggest airline, may say today that first-quarter profit dropped 93 percent to 38 million euros, according to the median estimate of nine analysts surveyed by Bloomberg.

Net income in the year-earlier period was boosted by a 499 million-euro gain from the sale of the airline's 50 percent stake in travel company Thomas Cook.

Saab slumps

Saab AB, the Swedish builder of the Gripen warplane, reported an unexpected drop in first-quarter profit as costs from marketing the aircraft rose and sales of defense electronics and surveillance equipment declined.

Saab fell the most in almost two years in Stockholm trading after the company posted an 11 percent drop in net income to 232 million kronor ($40 million).

Rice rises

Rice climbed to a record after World Bank officials said Thailand, the largest exporter, may restrict shipments, worsening a global food crisis.

Rice futures in Chicago climbed to $24.745 per 100 pounds yesterday and traded at $24.605 at 11:51 am London time. Rice prices have more than doubled in the past year.

Drugmaker dips

Schering-Plough Corp, the maker of the Vytorin and Zetia cholesterol pills, said first-quarter profit fell 48 percent, reflecting costs for its acquisition of Organon Biosciences NV.

Net income was $291 million, or 15 cents a share, compared with $565 million, or 36 cents, a year earlier, the Kenilworth, New Jersey-based company said yesterday in a statement.

Agencies

(China Daily 04/24/2008 page16)