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Spanish airline Iberia has reported an operating loss Friday in weaker than expected due to higher demand for passenger transport and air freight to offset the negative impact of the ash cloud of April.

Iberia, which plans to merge with British Airways by the end of the year, said he had lost 72 million euros in the first half, against a consensus at 88 million euros.

"Aside from the expected recovery in air traffic, which has really supported these positive results was the significant improvement in yields," commented Elena Fernandez, an analyst at Ahorro Corporacion Spanish broker.

Yields of Iberia, ie the revenue generated per passenger on each mile flown, grew 7.8% in the first half.

Iberia estimated 20 million losses generated by the interruption of traffic caused by the ash cloud of April.But analysts say the real impact is not necessarily so bad.

"They could also sell tickets more expensive during this period," said Elena Fernandez.

In the second quarter alone, Iberia posted a net profit, ending six consecutive quarters of losses.

British Airways, Air France and Lufthansa said they expect to return to equilibrium at the operational level in 2010.

Title Iberia, which took 35% since the beginning of the year in the hope of a successful merger with BA, was down 0.82%) 2.550 Euros while the Spanish stock market index lost 0 27%.

The turnover of the company grew by 2.8% to 2.23 billion euros in the first six months of the year, supported by a rebound in demand for business class and air cargo, while that net losses were reduced to 21 million euros, the company continues to apply stringent cost controls.

The prediction of analysts polled by Reuters gave a turnover of 2.196 billion euros and a net loss of 41 million.

Veolia Environnement publishes interim results up, thanks to the rising prices of raw materials recycled, but expressed caution about prospects for recovery of the waste market in the second half.

The world leader in environmental services has estimated that an operational perspective, the second half might look like in the second quarter, during which the situation has improved for his work "clean".

"The economic recovery is still extremely fragile, it is difficult to decide on the level of commodity prices (…), nor even on the level of volumes we observe in the final months of year.That is why we prefer to be cautious, however, said its chief financial officer, Pierre-François Riolacci, during a conference call.

"In activity cleanliness, it is true that we have observed a reversal between the first and second quarters," he said, mentioning in particular "a tremor on the books" in France and the United States.

"We tend to say that the second half might look like in the second quarter, in which case that we would generally quite favorable."

Veolia has reiterated that it was on the full year free cash flow positive after dividends and an increase in its recurring operating income.

The group also confirmed that it was three billion euros in sales over the period 2009-2011 – from 1.3 billion achieved in 2009 and 766 million in the first half of 2010 – and was continuing the implementation of a savings program overall 250 million for 2010.

VEOLIA-TRANSDEV COULD ENTER STOCK MARKET TO 2ND HALF 2011

Pierre-Francois Riolacci said the group would "do everything to exceed" its savings target and that the transfers could exceed one billion euros this year.

In the first six months of the year, the savings program has contributed to the growth of cash flow (CFO) operational Veolia up to 132 million euros.

The Chief Financial Officer also considered that the proposed merger with Transdev in the passenger could be completed by year end or early 2011.

"The most likely scenario (from the IPO of the new entity) is the second half of 2011.This is our central scenario, "he said.

Veolia in the first half net profit group share of 374 million euros (+69.9%), an operational CFO 1,885,000 (+0.2% at constant exchange rates), operating profit of 1.125 million ( +7.9% at constant exchange rates) and a turnover of 17.177 million (-3.3% at constant exchange rates).

According to the consensus reached by the editor of Reuters, analysts on average expected a net profit of 346 million euros, an operating cash flow of 1.908 million and a turnover of 16.924 million.

Recurring operating income of Veolia appears in turn to 1.078 million euros at 30 June, an increase of 6.6%.

At 9:30, the track was down 1.84% at 21.30 euros while the CAC 40 gained 0.69%. Analysts based in London, "the weak economy continue to weigh on the figures in the second half."

The group's net financial debt stood at 16.027 million euros at June 30th against 15.127 million in late 2009, largely because of an unfavorable effect of foreign exchange of 674 million.

Societe Generale on Wednesday posted a net income multiplied by 3.5 in the second quarter of 2010, above expectations, thanks to a decline in its stores and a smaller than expected loss in its toxic assets, and confirmed objectives.

The second French bank by market value after BNP Paribas, says that it achieved a net profit of 1.084 million euros for the quarter ended in June, where the consensus reached by the editor of Reuters expected a general result to 732 million.

His provisions for potential loss on the credit over the period fell by 6% but the rate of decline in the cost of risk is much slower than some of its rivals, reflecting a more cautious speech of SocGen on the strength of economic recovery.

BNP Paribas and British bank HSBC, for example reported Monday in stores near their level before the crisis.

"The economic recovery that began in late 2009 confirmed, but it remains fragile," said Frederic Oudéa, CEO of Societe Generale, said in the statement.

"Especially in Europe, growth prospects remain subdued," he adds.

Penalized by the toxic assets, and author of "profit warnings" on its books of 2009, SocGen tries since the beginning of the year to convince the market of its ability to turn the page on the financial and economic crisis and the of the Kerviel affair.

The new management team led by Frederick since May 2009 Oudéa promised mid-June to double the profits of Societe Generale in two years and is targeting a net profit of six billion euros in 2012 against a target of three billion this year.

The bank is also considering acquisitions but said it does not fund them through capital increases.

Besides the new strategic plan, the results of resistance tests conducted on 91 European banks and the announcement by the Basel Committee's flexibility to draft new banking regulation has been a breath of oxygen to the action SocGen, long shunned by investors.

In the past four weeks, the title, boosted by good news on the European banking sector jumped 40%. Since the beginning of the year, however, still leaves nearly 8% and continues to underperform its benchmark Stoxx 600 European banks.

The French carmakers are struggling to convince the stock market despite strong results and promising new models, preferring investors since the beginning of their German competitors.

Titles PSA Peugeot Citroen and Renault have lost 1.3% and 2.7% since 1 January, while BMW has jumped 55%, 64% of Volkswagen and Daimler by 42%.

As part of its quarterly results, BMW wins 4% Thursday afternoon and brought in its wake the entire European car signs the largest increase sector, which had not occurred the week at last accounts of Renault and PSA, yet robust.

Daimler has a market capitalization of 43.5 billion euros, Volkswagen and BMW 34 billion 26 billion.Renault weighs only about ten billion in stock and PSA about five billion.

"The French builders, very dependent on volume, are penalized by the fears that now surround the market with the disappearance of the scrappage scheme", says Kristina Church, an analyst at Barclays Capital."Nobody really wants to invest in these values as the horizon of the second half of 2011 and will not be more clear."

"The Germans, however, the presence of an upscale offer a strong position earlier in the emerging markets are positive for margins, hence the preference of investors."

Barclays Capital, to "underweight" on the two French groups but to "overweight" on BMW and VW, filed Monday for preferred values of analysts, on the basis of the estimates I / B / E / S. Renault arrives in fourth place, while the third six months earlier, and PSA advanced to fifth place when he was second earlier.

The leading trio is exclusively Germanic.BMW is the preferred value, affirmative action comes from Volkswagen and Daimler comes second to third place.

ALWAYS ON DOUBTS ON THE REST OF THE YEAR

This partly explains the suspicion that PSA has signed the largest drop in the CAC 40 last Wednesday, giving up 4% on the day it released interim results good. Friday, showed that Renault is its strength, which did not prevent long hesitation before the title is moving upward to close with a gain of 1.75%.

Action PSA also a victim of profit taking after rally seen since late May, is penalized by the uncertainties surrounding the position of mid-range group.Morgan Stanley also prefers Renault, although the bank regrets that it, unlike PSA, has not yet been set a target of annual profit and has merely a forecast of cash flows.

"The common perception is that you can not make money on cars simple and small.This assumption may no longer be true that decade it ", says Morgan Stanley.

The difference in treatment between the French and Germans are also due to a time lag effect "scrappage" which has enabled the sector to weather the storm.

In Germany, where support has disappeared in September 2009, the market has been adversely affected early in the year, while in France, their gradual disappearance is felt that in recent months.

THE FRENCH EXPECTED TO TOP WORLD

Daimler and BMW shares have gained 40% and 50% in 2009, while PSA and Renault have almost doubled their course.

As for Volkswagen, Europe's number one, he has won more than 70% in stock last year.

If we compare the performance since late 2008, the contrast between the two sides of the Rhine becomes less striking: BMW has won more than 100% Volkswagen 93.5%, nearly 94% PSA and Renault over 90%. Over the period, Daimler took 56.5%.

Despite regular incursions of the French – the Latitude Renault and Peugeot 508 are the latest examples – the segment of large high-end road is the prerogative of the German trio BWM, Audi (Volkswagen) and Mercedes (Daimler). Manufacturers Hexagon will therefore still to convince investors that their strategic choices are viable and that the success of the Mégane, Duster, C3 and 3008 will be achieved sustainably in their accounts.

The Paris Motor Show in early October in Paris, they provide such an opportunity.After two shows at the American held in late 2009 and early 2010 by PSA for the presentation to analysts of its new strategic plan and the new image of the Peugeot brand, it was the turn of Renault to unveil its future strategy in February 2011 .

"Analysts are always fond of presentation that management anticipates," said Kristina Church. "They like to be told of strategy whatsoever."

Crude prices have come down on Wednesday after the announcement of an unexpected rise in crude inventories in the U.S. and very cautious statements of the President of the U.S. Federal Reserve on the economic situation.

On the New York Mercantile Exchange, crude for delivery in September ended a decline of $ 1.02, or 1.31%, to 76.56 dollars a barrel.

U.S. crude reserves rose 400,000 barrels last week, when economists expected a drop instead of 1.4 million barrels.

In addition, the chairman of the Fed Ben Bernanke said Wednesday that the Fed was ready to take additional measures as necessary to sustain growth given the high level of uncertainty.