LONDON: Supermarket chain Sainsbury’s yesterday announced a rise in first-half net profits as its share of Britain’s grocery market hit the highest level for ten years.
Net profit grew 9.3 percent to £340m ($540m) in the six months the end of September, Sainsbury’s said.
The company is Britain’s third-biggest supermarket chain after Walmart-owned Asda and the country’s biggest retailer Tesco.
Profit after tax had stood at £311m in the first six months of its previous financial year, British chain Sainsbury’s said in a statement. Revenue climbed 4.4 percent to £13.95bn in the reporting period.
“Our share of the grocery market is the highest for a decade at 16.8 percent following 35 consecutive quarters of like-for-like sales growth,” chief executive Justin King said in the earnings release.
Arabtec Q3 profit nearly triples
DUBAI: Arabtec, Dubai’s largest listed construction firm, said yesterday it had dropped plans for a second phase of a planned $1.3bn rights issue and capital hike, after reporting a jump in third-quarter net profit.
Arabtec, which is building a branch of France’s Louvre museum in Abu Dhabi, made a third-quarter net profit of Dh100.8m ($27.4m) compared with Dh35m in the corresponding period in 2012, it said in a statement on Dubai’s bourse.
The earnings were well ahead of estimate by five analysts who expected a quarterly profit of Dh64.9m.
Arabtec said its board of directors had decided to cancel the phase 2 of its rights issue and capital increase due to a strong financial position reached by the company. It had raised $653m through a rights issue in July and planned to raise an equal amount in the second phase if needed.
South Sudan to reverse devaluation
JUBA: South Sudan’s parliament ordered the central bank yesterday to reverse Monday’s devaluation of the local currency after prices jumped overnight, a central bank official said.
South Sudan, faced with a currency problem since it gained independence from Sudan in July 2011, devalued its pound by 34 percent late on Monday to bring it onto a par with the black market.
The central bank official said the new rate had swiftly led to a rise in prices at a time the costs of fuel, water, and imported food stuffs were already increasing sharply because of a shortage of supplies.
“Parliament wanted the rate put back, so it will be done tomorrow,” said a central bank spokesman who declined to be named as he is only temporarily in the role. Agencies
