Societe Generale Third-Quarter Profit Declines 31% on Greece
Nov. 8 (Bloomberg) -- Societe Generale SA, France's another- largest bank, said third-quarter profit floor 31 percent, hurt by a writedown on Greek unlimited debt and lower trading revenue. The company won't pay a dividend for 2011.
Net takings dropped to 622 million euros ($855 million) from 896 million euros a year earlier, the Paris-based lender said in a affirmation today. The shares rose after the company accelerated the reduction of its balance paper and decreased U.S. dollar financing needs.
“The results are a clashing bag,” Carlo Mareels, a credit analyst at RBC Major Markets, said in a note to investors today. “There was satisfactory progress on the balance-sheet targets” while the corporate- and investment-banking concern was “quite disappointing,” he said.
McRae Industries, Inc. Reports Earnings for Fiscal 2011
MOUNT GILEAD, N.C., Nov. 8, 2011 /PRNewswire via COMTEX/ -- McRae Industries, Inc. reported consolidated net revenues for budgetary 2011 of $74,748,000 as compared to $62,571,000 for fiscal 2010. Net earnings for pecuniary 2011 totaled $3,829,000 as compared to $2,952,000 for pecuniary 2010. Net earnings per diluted Class A common share were $1.84 for pecuniary 2011 as compared to $1.47 for fiscal 2010.
CONSOLIDATED RESULTS OF OPERATIONS, Pecuniary 2011 COMPARED TO FISCAL 2010
Consolidated net revenues for economic 2011 totaled approximately $74.7 million as compared to $62.6 million for pecuniary 2010. This 19.3% growth in net revenues was primarily attributable to increased line boot sales, which grew from $21.8 million for economic 2010 to $31.2 million for fiscal 2011 as all yield lines showed improvement, especially our military boot job which recorded an 84% increase over fiscal 2010 in the first instance attributable to an additional U.S. Government contract. Net revenues allied to our western/lifestyle footwear products, which includes our three fundamental branded lines and our children's boot products grew from $42.2 million for budgetary 2010 to $43.2 million for fiscal 2011 as requirement for these products remained strong. Net revenues associated with our bar jus civile 'civil law' business, most of which was sold at the end of March 2009, totaled $157,000 for economic 2011 as compared to $478,000 for fiscal 2010. For financial 2012, we continue to be optimistic that the demand for our western/lifestyle products will traces strong and that an improving economy will have a positive impact on our non-military travail boot business. We expect fiscal 2012 to be a challenging year for our military boot area as we contend with the Government's overstock position and the culmination of several of our military boot contracts, which will not be replaced until the last half of monetary 2012, if we are successful in acquiring the business. Revenues from the bar criterion criteria business will continue to decrease as this business phases out.
