Net profit vs gross profit

car parts group Faurecia reported a rise in annual profits and sales, and added it was targeting further growth for 2020 even though market conditions would be challenging this year.Faurecia, which bought Japanese peer Clarion last year, said annual operating income for 2019 had risen by 0.7% from the previous year to 1.283 billion euros ($1.4 billion).Sales rose 1.4% to 17.77 billion euros and Faurecia's operating margin stood at 7.2%, while its net cash flow rose 11.2% from last year to 587 million euros.The company also raised its 2020 dividend to 1.30 euros from 1.25 euros in 2019.For 2020, Faurecia said it was targeting more sales growth and a further improvement in profitability, with a target of achieving an operating margin of above 7.2% of sales and net cash flow of above 500 million euros.Last November, Faurecia said it was targeting reaching sales of more than 20.5 billion euros by 2022.Faurecia's 2020 outlook was based on the assumption that worldwide automotive production … [Read more...] about Car parts group Faurecia 2019 profits rise, sees challenging market in 2020

Moody's Investors Service in a report has said an extended outbreak of the coronavirus would hurt the asset quality and profitability of Asia Pacific banks. “If the outbreak intensifies and the disruptions stemming from it are not contained in the next few months, we expect negative impact on banks in Asia Pacific through various channels,” said Eugene Tarzimanov, a Moody's Vice President and Senior Credit Officer. The coronavirus outbreak comes at a time when Asia Pacific banks are already grappling with slowing economic and credit growth, as well as falling interest rates, which will weaken their profitability and asset quality. The India scene Weak credit growth in the banking sector is making Indian bankers worry. While speaking to ETBFSI, SBI CFO Prashant Kumar said, “Our understanding is the concern in the banking industry is about credit growth and with the Budget proposals we have not seen anything which would fast-track this credit growth ...So our … [Read more...] about Prolonged coronavirus outbreak to hurt APAC banks’ profitability & asset quality: Moody’s

Tata Motors on Monday said it plans to raise Rs 500 crore through issue of securities for which a committee of its board will meet on February 24. Tata Motors' board in its meeting held on October 25, 2019 had approved and authorised raising of additional funds up to Rs 3,500 crore through external commercial borrowings, listed, unsecured, rated, non-convertible debentures or any other form of borrowing or in any combination. "We would like to inform you that the company is desirous of offering rated, listed, unsecured, redeemable, non-convertible debentures aggregating Rs 500 crore in two tranches...," Tata Motors said in a regulatory filing. The issuance is pursuant to the approval of the board of directors' resolution passed at its meeting held on October 25, 2019, it added. On the same date, the company's board had also approved raising of Rs 6,500 crore from Tata Sons through preferential issue. "In this regard is holding a meeting of its duly constituted committee of the board on … [Read more...] about Tata Motors to raise Rs 500 crore through issue of non-convertible debentures

NEW DELHI: Commerce and Industry Minister Piyush Goyal on Monday proposed to discontinue export incentives under a scheme to the services sector as it has not helped India "increase shipments positively". The foreign trade policy provides tax incentives under the Service Exports from India Scheme (SEIS) to several services industries. Depending on the nature of services, the government gives duty credit scrips or certificates. The scheme offers reward at 5 per cent or 7 per cent of net foreign exchange earned and covers service providers located in India. "So, I am proposing that from the earliest opportunity, (we should) discontinue this SEIS in its current form. It has not helped us to increase our exports positively," he said here at a function. He said that industry has to get out of the mind set of subsidies as they are detrimental to India's long-term interests. "For example, we now give subsidies on services exports. I have gone through the list in great details, barely … [Read more...] about Piyush Goyal proposes to discontinue export incentives for services exports under SEIS

New Delhi: Commerce and industry minister Piyush Goyal on Monday reiterated that India will stop those countries from participating in government contracts here which don’t allow equal, reciprocal access to our products and services in their country. Stating that the government is Swadeshi, he said it wants to encourage domestic investors on priority. “Our government is Swadeshi and personally, I am Swadeshi. Therefore, we want to encourage our domestic investors on priority,” Goyal said at an event organised by Ficci here. The minister reiterated that any country which does not allow equal, reciprocal access to our products and services in their country, by law we will stop them from participating in government contracts in India. “I would urge all to use this reciprocity clause and if you do not use, you are actually hurting India's interest,” he said. Goyal also proposed to discontinue export incentives under the Service Exports from India Scheme … [Read more...] about Government is swadeshi, will encourage domestic investors: Piyush Goyal