Financial Roundup

23 July 2004

• Global (calendar H1)
Cadbury Schweppes
    Sales increased to £2.95billion ($5.41bn; €4.29bn) from last year's H1 turnover of £2.7 billion. But pre-tax profit decreased from £294m to £265m after £106m of exceptional costs arising from the integration of the US Adams business.
   Underlying profit, however, rose from £365m to £371m.

• Global (calendar Q2)
Eastman Kodak
    Net income rose 38% in the second quarter on a 6% sales rise, indicating that its strategy of cost cutting and shifting to digital photography is working, despite an accelerating decline in the core consumer-film business.
    Net income for the quarter rose to $154 million (€125.98m; £83.91m) from $112 million. Sales rose to $3.47 billion from $3.26 billion. Foreign-currency exchange fluctuations boosted sales by two percentage points.

• Global (calendar Q2)
    Net income was SK5.3 billion ($731.6m; €598.5m; £398.6m), compared with a loss of SK2.73 billion a year earlier. Sales rose 18% to SK32.6bn from SK27.6bn. The gains follow draconian cost cutting, which has more than halved the workforce to 47,000 since 2001.

• Global (calendar Q1)
General Motors
    Second-quarter net income at the world's biggest auto maker rose 49% to $1.34 billion (€1.096bn; £730.08m). Revenue climbed 7.1% to $49.15 billion due to financing profits and improved results in the core automotive operations. However, rising inventories of unsold vehicles indicate a need to improve the North American business.
    GM's automotive operations in Asia lifted their profit to $236m million from $163 million, thanks to a 58% rise in sales in China.
   Profit at its North American automotive operations leapt to $328 million from $83 million. Conversely, market share and sales performance were "well below expectations".

• UK (fiscal full year)
Guardian Media Group
    Overall pre-tax profits at the group were up by more than 18% to £43.6 million ($80.02m; €65.46m) from £36.9m a year earlier. Total operating profit was £84.5m, compared with £38.4 million in 2003.
    GMG's regional newspaper division achieved a £30 million profit level for the first time.

Data sourced from multiple origins; additional content by WARC staff