Rolls-Royce warns of falling revenue

17 October 2014 Last updated at 19:09 Rolls-Royce specialises in turbines for the aerospace and marine industries Shares in engineering firm Rolls-Royce closed 11.5% down after the company warned of falling revenues as trade sanctions against Russia begin to bite.

Customers of its nuclear, energy and power systems businesses have delayed or cancelled orders, the company said.

As a result, group underlying revenue for 2014 would be 3.5%-to-4% lower than expected, it said.

But Rolls-Royce expected underlying profit to remain flat as cost savings counterbalanced the falling revenue.

“Since our interim results, the economic outlook for 2015 has become more challenging,” the company said, with many of its customers experiencing “worsening market conditions” affecting their investment decisions.

Guidance on revenues for its civil aerospace, defence aerospace, marine and power systems divisions, remained unchanged, the company said.

But nuclear and energy revenue guidance would fall from 0%-to-5%, down from 5%-to-10%.

However, Rolls-Royce expected underlying profit in its civil aerospace division to be higher than previously thought.

“While the short term is clearly challenging, reflecting the economic environment, the prospects for the group remain strong, driven by the growing global requirement for cleaner, better power,” said chief executive John Rishton.

Rolls-Royce, which has 12,000 employees in the East Midlands, said the sale of its gas turbine and compressor business to Siemens was likely to be concluded “by the year end”.

The company would begin its planned £1bn share buy-back once the sale had been completed, the company said.

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Rolls-Royce warns of falling revenue

Minimum Business Tax yields less revenue than projected

The Government of Jamaica has collected less revenue than it expected from the recently introduced Minimum Business Tax.

The total collected so far is $278 million, instead of the $300 million dollars projected.

The Minimum Business Tax, which took effect on April 1 this year, applies to certain companies and individuals.

They include entities registered in Jamaica, individuals operating a trade, profession, vocation or business; and who satisfy a gross revenue threshold.

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Minimum Business Tax yields less revenue than projected

Minimum Business Tax yields less revenue than projected

The Government of Jamaica has collected less revenue than it expected from the recently introduced Minimum Business Tax.

The total collected so far is $278 million, instead of the $300 million dollars projected.

The Minimum Business Tax, which took effect on April 1 this year, applies to certain companies and individuals.

They include entities registered in Jamaica, individuals operating a trade, profession, vocation or business; and who satisfy a gross revenue threshold.

View the original article here

Minimum Business Tax yields less revenue than projected

Stock Exchange revenue increase by 15%

An increase in fees and other income helped to boost the financial performance of  the Jamaica Stock Exchange, JSE, during the April to June quarter.The Stock Exchange’s revenue rose by 15 percent or eleven percent to 83 million dollars when compared to the corresponding period in 2013. The improvement in income also helped the JSE lower its losses from 10 million dollars last year to one million dollars during the three months.In the meantime, the JSE is banking on the improved economy to help boost stock trading. The Stock Exchange says while trading has been subdued, improved economic results and outlook will have a positive impact on listed companies and the equities market.The JSE also expects increased marketing and income diversification to pay off  in the medium to long term as it seeks growth through new and existing markets as well as new product development.

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Stock Exchange revenue increase by 15%

Stock Exchange revenue increase by 15%

An increase in fees and other income helped to boost the financial performance of  the Jamaica Stock Exchange, JSE, during the April to June quarter.The Stock Exchange’s revenue rose by 15 percent or eleven percent to 83 million dollars when compared to the corresponding period in 2013. The improvement in income also helped the JSE lower its losses from 10 million dollars last year to one million dollars during the three months.In the meantime, the JSE is banking on the improved economy to help boost stock trading. The Stock Exchange says while trading has been subdued, improved economic results and outlook will have a positive impact on listed companies and the equities market.The JSE also expects increased marketing and income diversification to pay off  in the medium to long term as it seeks growth through new and existing markets as well as new product development.

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Stock Exchange revenue increase by 15%

FTC opposes annual guaranteed revenue for JPS

The Fair Trading Commission (FTC) has dismissed proposals by the Jamaica Public Service Company (JPS) for a guaranteed level of revenue each year.    
The proposal is included in the application of the JPS to the Office of  Utilities Regulation (OUR) for a rate review. It seeks for the utility company a guaranteed non-fuel revenue of $50 billion annually over the next few years.    
However, the FTC is contending that a revenue cap will lessen the incentives for the JPS to establish the best rates for consumers.     
The Commission, which made the comment as part of the assessment of  the JPS’ request for a review of  its charges, also slammed the power company’s plan to cut electricity costs for its largest customers.                  
The consumer protection agency said introducing a wholesale rate to encourage its largest customers to remain on the grid is inconsistent with the proposal to replace its price cap with a revenue cap.     
It also did not support the JPS’ request for its rate review to be done every three years rather than the current regime of  every five years, arguing that this change would likely frustrate the ability of  the OUR to monitor and evaluate the JPS.

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FTC opposes annual guaranteed revenue for JPS

Revenue and profit decline at Pulse

There was a decline in revenue and profit at Pulse Investments during the January to March quarter.
The company’s revenue totalled $52.7 million, down from $67.6 million last year.   
Profit amounted to $42 million versus $46.4 million during the March quarter in 2013.

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Revenue and profit decline at Pulse

Revenue and profit decline at Pulse

There was a decline in revenue and profit at Pulse Investments during the January to March quarter.
The company’s revenue totalled $52.7 million, down from $67.6 million last year.   
Profit amounted to $42 million versus $46.4 million during the March quarter in 2013.

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Revenue and profit decline at Pulse

McDonald"s key revenue metric rises in August

Illinois, USA — MCDONALD’S said that a key revenue figure rose 1.9 per cent in August, driven by a strong performance in Europe. Its Monopoly promotion in the United States helped lift its performance there.

The world’s biggest hamburger chain reported the gain in revenue at restaurants open at least 13 months for the period ended August 31. That includes a 3.3 per cent increase in Europe, a 0.2 per cent rise in the US and a 0.5 per cent decline in Asia Pacific.This figure is a key gauge of a restaurant operator’s health because it excludes results from restaurants recently opened or closed.The monthly sales figure is a snapshot of the money spent on food at company-owned and franchised locations and does not reflect corporate revenue.While the metric improved for McDonald’s in August, it was slower growth than the 3.7 per cent increase in the prior-year period. But it was faster growth than the 0.7 per cent increase in July.The company, based in Oak Brook, Illinois, is trying to navigate a variety of challenges and has already said it expects the rest of this year to be challenging. To start, McDonald’s is facing intensifying competition from long-time rivals Burger King and Wendy’s, which have been revamping their menus and stepping up marketing.In addition, McDonald’s is trying to keep up with changing tastes by offering items people feel are fresher or healthier, such as its new chicken wraps and egg white breakfast sandwiches. But the chain has also been aggressively promoting its Dollar Menu and other deals at a time when it says people are being more careful about spending.And it said it has begun offering steak as an option for all breakfast sandwiches yesterday, including the McMuffin and biscuit or bagel breakfast sandwiches. The “steak on any” option has been rolling out to 9,600 McDonald’s restaurants in August and September.Analysts have expressed concern that the latter strategy could eat into profit margins. But last week, the chain said it was exploring a revamped Dollar Menu that includes items costing as much as US$5 that could go national this year.McDonald’s, which has more than 34,000 locations globally, is also trying to remind people of long-time favourites and has been featuring its Big Mac in TV and online ads. It also recently expanded its line-up of Quarter Pounders, saying it wanted to capitalise on the popularity of the burger.The 3.3 per cent increase in Europe of revenue at restaurants open at least 13 months was led by the UK, France and Russia. McDonald’s said that the UK responded well to new blended-ice drinks. The chain anticipates trying to build demand through limited-time offerings.In the US, the metric edged up 0.2 per cent, down significantly from the three per cent rise a year ago. McDonald’s said it plans on strengthening its US presentation with new products across its various menus and at different price points.The metric fell 0.5 per cent for the Asia Pacific region, Middle East and Africa on softness in Japan, China and Australia. The Oak Brook, Illinois, company said that it faced a tough prior-year comparison, when the figure climbed 5.7 per cent.McDonald’s shares rose 83 cents to US$97.28 in pre-market trading yesterday about a half-hour ahead of the market opening.

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McDonald"s key revenue metric rises in August