Markets were oversold and it was time to remember some silver linings,
at least for a day, in the Nordic markets.
Prosafe matched expectations with a result of 68 Million USD and declared a dividend of 0.59 NOK per share. Ex-dividend date will be second of September. A new CEO has also been recruited from within. In what has been a really busy week in announced CEO changes, Metso announced successor
to retiring current CEO. The change will take place in March 2011.
Norwegian software company Mamut's result was improved somewhat compared to 2009 on slightly lower revenue as cost reductions took effect. BWG Homes ASA reported "Strong results, solid margins and positive cash flow" Rtx Telecom A/s reported significant rise in turnover and cash flow and kept breakeven profit expectation for 2010. Oil service company Bjørge's second quarter financial report came in much weaker than last year.
Sparbank A/s reported earnings before tax of 204.4 million Danish Kroner. Intermail nudged down expectations slightly after a difficult quarter. Topsil traded upward after Q2 report. SAS leased out eight Md-90 planes to an American company.
PPI in Sweden rose 0.1% in July compared to previous month. Unemployment rate was 8.0%, down from 9.5% a month before. Trade balance showed a suprplus of 43,7 billion kronor. In what should come as no surprise to anyone, the inefficient managed to become even more so as Finland's public sector productivity dropped in 2009.
Swedish Biotech Karo Bio laid out the plan for phase three study of Eprotime. Filing is expected in 2013/2014 after this study, that will be recruiting hundreds of patients is finished.
Bergen group results came in. Improved profit margin was predictably offset by lower activity in Q2. Orders received during the quarter rose significantly and the company gave a positive long-term outlook. Trading was still unusually low albeit with an upward bias today.
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