REUTERS: Procter & Gamble Co's quarterly revenue and profit beat Wall Street expectations on Tuesday, boosted by price hikes and strong demand for its beauty products such as SK-II and Olay, sending its shares up about 4 per cent before the opening bell.P&G, like other consumer goods companies, has been raising prices on its products to tackle soaring freight and raw material costs that have dented margins.In the fourth quarter, organic sales, a closely watched metric which exclude items like acquisitions, divestitures and currency effects, rose 7 per cent, its best in at least two years. Price hikes contributed 3 percentage points to the organic sales growth, the company said.Organic sales in the beauty business rose 8 per cent, boosted by demand for its super-premium SK-II brand and Olay skin care products.In the fabric and home care unit, the company's biggest business that sells Tide and Febreze air fresheners, organic sales climbed 10 per cent.The company's net sales rose … [Read more...] about Procter & Gamble sales, profit beat expectations; shares rise
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Tencent profit tops forecast as fintech and cloud revenues surge
HONG KONG: Tencent Holdings Ltd posted record quarterly profit on Wednesday, smashing market expectations, as the social media and gaming giant booked a rise in the value of its investments while fintech and cloud revenues helped make up for declines in games.Even so, revenue grew at its slowest-ever rate, as heightened regulatory scrutiny hobbled its gaming operations. That allowed earnings from its nascent financial technology (fintech) and business services to eclipse smartphone games for the first time.In the three months ended March, Tencent saw 17per cent growth in net profit to 27 billion yuan (US$3.93 billion), beating the 19.4 billion yuan average of 13 analyst estimates compiled by Refinitiv.Boosting profit was a 46per cent rise in "net other gains", such as from investments, to 11.1 billion yuan. Revenue, however, came in just shy of analyst estimates at 85.5 billion yuan, with growth at an all-time low of 16per cent.Tencent has been hit by a suspension in the approval of … [Read more...] about Tencent profit tops forecast as fintech and cloud revenues surge
Alliance Bank, BIMB seen most affected by OPR cut
PETALING JAYA: Alliance Bank Bhd and BIMB Holdings Bhd are set to lose most in a falling interest rate climate, according to HLIB Research’s sensitivity analysis. Affin Bank Bhd and AMMB Holdings Bhd are least affected by the Overnight Policy Rate (OPR) cut. HLIB Research explained that the impact of an OPR cut on banks is largely dependent upon the composition of variable and fixed rate loans; proportion of current account, savings account (CASA) and other deposits; non-interest income ratio; as well as percentage exposure to overseas market. “Biggest losers would be banks with high mix of variable loans and CASA, low non-interest income ratio and low percentage exposure to overseas market.” Meanwhile, PublicInvest Research said Alliance Bank and RHB Bank Bhd would seem to be the worst hit by the rate cut given their higher proportion of variable rate loans (over total loans) of 89.9% and 85.7% respectively. “Impact could be smallest for AmBank (74.3%), Maybank … [Read more...] about Alliance Bank, BIMB seen most affected by OPR cut