The XXL share falls after “the most difficult year in XXL’s history”.
On Thursday, a number of companies presented figures for last year’s fourth quarter. Photo: Erik Johansen / NTBPublished:
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The case is updated throughout the trading day.
The stock exchange is down from the start on Thursday, and at opening hours the Main Index falls 0.46 per cent.
This is how it goes for a bunch of the most traded shares shortly after the stock market opens:
- Equinor falls 2.06 percent
- Frontline is up 1.87 percent
- Aker BP is down 0.22 percent
- Nordic Semiconductor is up 2.74 percent
- Hafnia rises 1.09 percent
North Sea oil (burnt spot) is trading at the time of writing for $79.40 a barrel, a slight rise since midnight.
In the morning hours, there have been many updates from companies on the Oslo Stock Exchange. Follow the results rush in E24’s Aksjelive.
Destiny quarter for XXL
XXL went on a new rampage on the eve of 2023, and the CEO calls it the most difficult year of all time. Gross operating profit (ebitda) was minus NOK 13 million, compared to minus NOK 236 million at the same crossroads the year before.
Normally the fourth quarter is good for XXL, as it contains the important Christmas trade.
– The Christmas shopping was a disappointment. Consumers are keeping a tight grip on their wallets, says XXL boss Freddy Sobin at the quarterly presentation on Thursday.
XXL boss Freddy Sobin. Photo: Terje Pedersen / NTB
For the whole of 2023, XXL lost NOK 1.6 billion before tax, compared to NOK 531 million the previous year. Large losses have characterized the company over time and created financial pressure.
The share is down 13.97 percent just after the stock market opened.
Orkla delivers weaker than expected
Orkla presents a result before tax that ended at 1.3 billion, down from 1.7 billion in the same period in 2022. In advance, a result before tax of 1.9 billion was expected, according to consensus estimates collected by Bloomberg.
Analyst Bruno Monteyne at Bernstein believes the food and retail group delivers weaker “on all important measurement points”, writes the newspaper. The analyst expects significant cuts in Orkla’s full-year estimates.
The share is down 3.85 percent.
Aker BP announces a dividend sprinkling of NOK 16 billion in 2024
The operating result of Aker BP landed at 2.15 billion dollars in the quarter, against 2.21 billion dollars in the same period the previous year.
In the fourth quarter, Aker BP paid a dividend of USD 0.55 per share. It is increased to USD 0.60 per share in the first quarter.
The Aker BP share fell 1.38 percent on Thursday morning.
Höegh Autoliners earned over two billion kroner
The car shipping line continues to increase earnings strongly in line with a strong freight market. The result before tax was 195 million dollars, against 120 million dollars the previous year. The 2023 figure corresponds to just over two billion kroner.
Revenues ended at 382 million dollars, against 356 million the previous year. The 2023 figure corresponds to just over four billion kroner.
The share rises 13.71 percent.
New deficit for Elkem
Elkem’s earnings continue to be affected by a challenging market situation. The industrial company nevertheless sees “signs of improvement”.
The industrial company lost NOK 351 million before tax in the fourth quarter of 2023, sharply down from the same time last year. For the whole of 2023, the result before tax was greatly reduced by NOK 951 million.
The board will not pay dividends for 2023.
– The macroeconomic sentiment has been challenging in 2023, characterized by high inflation, interest rate increases, slow recovery in China and geopolitical uncertainty, says Elkem’s CEO Helge Aasen in the quarterly report.
The share fell 7.37 percent on Thursday morning.
Increased profit and turnover for Veidekke
Results have flowed in from companies before the stock market opened on Thursday. Among them we find:
- Rec Silicon’s gross operating profit (ebitda) falls to minus $31.2 million in the fourth quarter, from minus $23.6 million in the same period last year. The share is up 5.60 percent.
- The oil company DNO reports a profit before tax of 28.5 million dollars in the fourth quarter. That was up from a profit before tax of minus 86.7 million dollars in the fourth quarter of the previous year. The share rises 1.02 percent.
- Car shipping company Gram Car Carriers had an operating profit of 46.4 million dollars in last year’s fourth quarter, compared to 16 million dollars the previous year. The GCC share is pp 3.22 per cent.
- Okea reports a result after tax of minus NOK 1.3 billion, down from plus NOK 324 million in the fourth quarter of the previous year. The share fell 0.09 percent on Thursday morning.
- Otovo reports a profit before tax of minus NOK 111 million in the fourth quarter. At the same time the previous year, profit before tax was minus NOK 93 million. At the same time, the company has dismissed 15 percent of its employees. The share is down 2.97 percent.
- Norske Skog had a profit before tax of NOK 586 million in the fourth quarter, down from NOK 1.1 billion in the fourth quarter of the previous year. The share falls 1.62 percent.
- Veidekke had sales of NOK 12.1 billion in the fourth quarter of last year, up from NOK 10.8 billion in the fourth quarter of 2022. The Veidekke share shoots up 10.37 percent.
- The technology supplier Cyviz had an operating profit of NOK 20.1 million in the fourth quarter of 2023, an increase from NOK 17.6 million in the fourth quarter of 2022. The share falls 8.14 percent.
- Atea will increase the dividend to NOK 7 per share from NOK 6.25 last year after solid results in 2023. The share is down 6.88 percent.
- Airthings had a turnover of 10.3 million dollars in the fourth quarter of 2023. It is up from 9.5 million at the same time the previous year. The share falls 2.88 percent.
- Tekna Holding had a negative gross operating profit of minus C$0.3 million in Q4 2023. That’s an improvement from minus C$2.9 million in Q4 2022. The share is down 1.35 percent.
- Bergen Carbon Solutions (BCS) reduced losses to NOK 8.6 million in the fourth quarter of 2023, from NOK 15 million at the same time in 2022. The BCG share falls 0.92 percent.
2024-02-08 08:00:44
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