IN BRIEF (Page 21)

Suzlon surges

Suzlon Energy Ltd, India's biggest maker of wind-turbine generators, said fourth-quarter group profit rose 29 percent.

Net income increased to 4.64 billion rupees ($109 million) in the three months ended March 31 from 3.59 billion rupees a year earlier, the Ahmedabad-based company said.

Pub owner in the red

Mitchells & Butlers Plc, the owner of O'Neill's pubs and Browns restaurants, reported a first-half loss and said it will split its property into a real estate investment trust following a strategy review.

The net loss in the six months ended April 12 was 87 million pounds, or 21.6 pence a share, because of losses linked to a failed property venture, the London-based company said.

CeWe loss narrows

CeWe Color Holding AG, Europe's largest independent photograph developer, said first-quarter loss narrowed after sales of digital photo prints increased.

The loss narrowed to 12.8 million euros, or 1.83 euros per share, from 13 million euros, or 1.81 euros, in the year-earlier period, the Oldenburg, Germany-based company said yesterday.

Bank's bond plans

VTB Group, Russia's second-biggest bank, plans to sell $2 billion of bonds that will yield 6.875 percent to international investors.

The final price guidance for the 10-year notes was set at 6.875 percent or 3.77 percentage points more than US Treasuries of similar maturity, according to data compiled by Bloomberg. Investors have the option to sell the notes back to Moscow-based VTB at face value after five years.

Volvo sales accelerate

Volvo AB, the world's second-largest truckmaker, said April vehicle sales rose 44 percent as deliveries in North America rose from a low level last year and the company increased production after a strike.

Sales climbed to 24,616 trucks from 17,070 a year earlier, Gothenburg, Sweden-based Volvo said yesterday.

Overseas investment

Japan's newly privatized postal bank plans to raise its investment overseas to almost $10 billion this year, aiming to boost earnings ahead of an initial public offering, a report said yesterday.

Japan Post Bank, created by the break-up of the mail operator last year, plans to ask foreign companies to manage some of the roughly 180 trillion yen ($1.7 trillion) in assets it oversees, the Nikkei business newspaper reported.

Earnings decline

Home Depot Inc, the largest home-improvement retailer, reported first-quarter profit that fell less than some analysts estimated after job cuts and store closings countered a decline in sales.

Net income decreased 66 percent to $356 million, or 21 cents a share, from $1.05 billion, or 53 cents, a year earlier, on costs to close stores, Home Depot said yesterday.

Great expectations

Lion Nathan Ltd, Australia's second-biggest beermaker, forecast "significant" earnings growth next fiscal year as it integrates acquisitions and completes an upgrade of its breweries.

Net income may rise as much 15 percent to between A$294 million ($282 million) and A$313 million in the 12 months through September next year, according to nine analyst estimates compiled by Bloomberg.

ICAP increases

ICAP Plc, the world's largest broker of transactions between banks, said full-year profit surged 28 percent to a record after the credit crisis spurred trading in currencies, bonds and their derivatives.

Net income rose to 155.7 million pounds ($305.8 million), or 23.9 pence a share, in the year to March 31 compared with 121.3 million pounds, or 18.8 pence a share, a year earlier, the London-based company said.

Agencies

(China Daily 05/21/2008 page21)