Wednesday 21 January 2004
Last Update 21 January 2004 12:00 am
NEW YORK, 21 January 2004 — Citigroup, the world’s biggest financial services group, said yesterday its fourth-quarter profit surged 96 percent from a year ago to $4.76 billion, lifted by growing revenues and cost cutting. The earnings amounted to 91 cents a share, a penny better than expected by Wall Street analysts. Revenues for the period were up 13 percent from a year ago to $20.2 billion.
Prospects remain dark for the sinking Channel Tunnel operator Eurotunnel, which posted yesterday a drop of 9.36 percent in sales last year owing to a poor cross-channel market. The company that runs the under-sea tunnel between Britain and France recorded sales of 813 million euros ($1.016 billion), down from 897 million in 2002.
Abu Dhabi-based Gulf Aircraft Maintenance Co. (Gamco) said yesterday it has signed a memorandum of understanding (MOU) with Rolls-Royce Energy to establish a joint venture company to service Rolls-Royce Trent industrial gas turbines. Under the MOU, Gamco “will be the approved center for the maintenance of Trent gas turbines for the Middle East region and North Africe,” a statement said.
Investor, the holding group of Sweden’s powerful Wallenberg family financial empire, reported yesterday a sharp drop in net profit last year owing to weaker capital gains. Investor said net profit had fallen by 42.3 percent to 929 kronor (101 million euros, $126 million) from 1.61 billion kronor in 2002.
Singapore’s Keppel Group said yesterday it will build a $126 million oil rig for Norway’s Skeie Group SA, a privately owned firm specializing in the offshore sector. Construction of the rig will take at least 26 months and will be undertaken by Keppel FELS Limited, its wholly-owned subsidiary, the locally listed conglomerate said in a statement. The rig can operate in water depths of up to 350 feet (106 meters) and undertake deep drilling of down to 35,000 feet, Keppel said.