Pivdencom Bank http://pivdencombank.com/ Tue, 22 Nov 2022 02:46:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://pivdencombank.com/wp-content/uploads/2021/06/cropped-favicon-32x32.png Pivdencom Bank http://pivdencombank.com/ 32 32 Unpaid electricity bills hamper Chinese financing of Pakistan’s power projects https://pivdencombank.com/unpaid-electricity-bills-hamper-chinese-financing-of-pakistans-power-projects/ Tue, 22 Nov 2022 02:46:22 +0000 https://pivdencombank.com/unpaid-electricity-bills-hamper-chinese-financing-of-pakistans-power-projects/

China told Pakistan on Monday that huge unpaid electricity bills are forcing the drying up of Chinese funding for other Pakistani power projects. The issue of receivables and the opening of a revolving account for China’s CPEC Independent Power Producers (IPPs) are still pending, with their receivables now exceeding Rs 300 billion, Business Recorder reported.

Huge receivables from existing Chinese energy projects are the biggest hurdle in convincing banks to finance more other energy projects in order to achieve their financial closes, knowledgeable federal government sources told Business Recorder. Last month, a detailed meeting was held between Energy Division Secretary Rashid Mahmood Langrial and China Export and Credit Insurance Corporation (Sinosure) Vice President Xu Xinwei to discuss the financial close of some energy projects in the country. CPEC.

M/s Sinosure has shared a list of the following six banks involved in financing Thar Block-1 power projects by Shanghai Electric: (ii) China Development Bank (CDB); (ii) Industrial and Commercial Bank of China (ICBC); (iii) Postal Savings Bank of China Limited (PSBC); (iv) Bank of Communications (BCM); (v) China Minsheng Banking Corporation Limited; and (vi) Agricultural Bank of China (ABC). According to sources, the Chinese side has been clear on Pakistan’s concerns and issues over the financial closures of the project, saying it includes four major projects of concern, namely Block Thar-1, Azad Pattan, Kohala and Project energy of Gwadar. These projects are highly valued by the Chinese government and relevant financial institutions, Business Recorder reported.

The Chinese side, sources said, noted that since last year, Sinosure has set up a special working group to push forward these projects with Xu Xinwei as the working group’s team leader. He personally conducted many meetings and set up Wechat groups to follow the regular progress of Thar Block-1 and Gwadar coal power projects. He maintained that since February 2022, despite the problem of overdue electricity bills, Sinosure has been constantly monitoring progress and has completed deliberations with the board.

Over the past 6-7 months, Sinosure has pushed six commercial banks for all projects to issue loan plans as only long-term union solutions can be made possible with government approval, Business Recorder reported. . Sinosure has also met with representatives of Shanghai Electric and the six banks face to face and further negotiations will continue to weigh on the progress of the project.

The Chinese side further said that for the Thar coal projects, the current situation suggests that some banks are withholding investment in CPEC projects, due to lagging electricity tariffs, as they lack confidence in new projects. , as most banks are public. listed companies and have strict risk management systems, Business Recorder reported. Meanwhile, Secretary Power went on to note that since the Thar Block-1 power project used local coal, its commercial operation would help the overall ability of the power sector to make paybacks due to electricity generation. less expensive.

Similarly, if the Kohala and Azad Pattan power projects could be completed, they would help bring down the overall price of the basket and help to make payments to the banks quickly, which was in the interest of both Pakistan and banks, Business Recorder reported. Responding to Secretary Power, the Chinese side said that overdue electricity bills were still a major concern for banks and if this could be resolved, Sinosure could take the progress of banks forward, adding that being unable to receive bank financing solutions, Chinese officials are unable to move forward to take the next steps, Business Recorder reported. (ANI)

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

]]>
Ukraine. Civilians must leave liberated areas this winter https://pivdencombank.com/ukraine-civilians-must-leave-liberated-areas-this-winter/ Mon, 21 Nov 2022 14:54:14 +0000 https://pivdencombank.com/ukraine-civilians-must-leave-liberated-areas-this-winter/

Comment

KYIV, Ukraine – Ukrainian authorities have begun evacuating civilians from recently liberated areas of southern Kherson and Mykolaiv regions, fearing that Russian damage to infrastructure and lack of heat, electricity and water are too severe for people to withstand the coming winter, officials said Monday. The evacuations come as power outages grip most of the country.

Residents of the two southern regions, shelled for months by Russian forces, have been urged to move to safer areas in the center and west of the country, Ukrainian Deputy Prime Minister Iryna Vereshchuk said.

The government will provide “transportation, accommodation, medical care,” she said.

The evacuations come more than a week after Ukraine recaptured the city of Kherson, which sits on the west bank of the Dnieper, and areas around it. The liberation marked a major battlefield gain for Ukraine, but the evacuations now highlight the difficulties the country is facing following the Russian bombardment of its electricity infrastructure as freezing weather sets in.

Ukraine is known for its brutal winter and snow has already covered Kyiv, the capital and other cities.

Russia has set up defense lines along the eastern bank of the Dnieper, fearing that Ukrainian forces will push deeper into the area. In the weeks leading up to Ukraine’s successful counter-offensive, it encouraged and assisted tens of thousands of residents of the city of Kherson to evacuate to Russian-held areas.

On Monday, Russian-installed authorities in the Kherson region also urged residents to evacuate an area on the east bank of the Dnieper that Moscow now controls. Officials cited a high level of military fighting in Kakhovskiy district as they told residents to move to evacuation points.

Since Ukraine recaptured the city of Kherson just over a week ago, Russia has pounded Ukraine’s power grid and other infrastructure from the air, causing widespread blackouts and leaving millions of Ukrainians without heating, electricity or water.

To deal with power shortages, blackouts of four hours or more were scheduled for Monday in 15 of Ukraine’s 27 regions, according to Volodymyr Kudrytsky, the head of Ukraine’s public grid operator, Ukrenergo. More than 40% of the country’s energy facilities have been damaged by Russian missile strikes in recent weeks.

Ukrainian President Volodymyr Zelensky on Monday called on NATO countries and allies to recognize Russia as a terrorist state, saying Russia’s shelling of energy supplies amounted to “using a weapon of mass destruction “. Zelenskyy also called for even tougher sanctions against Russia and called for more air defense aid for Ukraine.

“The terrorist state must see that it has no chance,” he told the 68th NATO Parliamentary Assembly meeting in Madrid in a video address.

On Sunday, powerful explosions of shelling shook the Ukrainian region of Zaporizhzhia, the site of Europe’s largest nuclear power plant. The International Atomic Energy Agency, the world’s nuclear watchdog, called for “urgent action to help prevent a nuclear accident” at the Russian-occupied facility.

Kyiv and Moscow blamed each other for the bombings that took place after weeks of relative calm. The area has been the scene of fighting since Russian forces occupied the plant shortly after their invasion of Ukraine on February 24, raising fears of a nuclear accident.

On Monday, Russian nuclear power plant operator Rosatom admitted that there is a risk of a nuclear accident at the Zaporizhzhia plant. Rosatom chief Alexei Likhachyov said the company held talks with the IAEA overnight and again blamed Kyiv for the situation.

“Apparently Kyiv considers a small nuclear incident to be acceptable,” Likhachyov said, “Everything should be done so that no one even thinks of encroaching on the safety of the nuclear power plant.”

There was no immediate Ukrainian reaction to Likhachyov’s comments.

In fighting elsewhere, at least four civilians have been killed and eight others injured in Ukraine in the past 24 hours, the deputy head of the country’s presidential office, Kyrylo Tymoshenko, said on Monday.

A Russian missile strike in the northeastern region of Kharkiv on Sunday night killed one person and injured two others, according to the governor of Kharkiv. The strike hit a residential building in the village of Shevchenkove, killing a 38-year-old woman.

One person was injured overnight in the Dnipropetrovsk region, where Russian forces shelled the town of Nikopol and its surroundings, Governor Valentyn Reznichenko said. Nikopol is across the river from the Zaporizhzhia nuclear power plant.

In the eastern region of Donetsk, which is partially controlled by Moscow, Russian forces shelled 14 towns and villages, the region’s Ukrainian governor said.

Heavy fighting was taking place near the Ukrainian town of Bakhmut, where a school was damaged by shelling. In Makiivka, which is under Russian control, an oil depot was hit and caught fire, local authorities in Moscow said.

Russian-installed authorities said more than 105,000 people in the provincial capital, Donetsk, were left without power on Monday after Ukrainian shelling damaged power lines. One person was killed by the shelling, officials said, and 59 miners were trapped underground after power went out at four coal mines in the city.

In the neighboring region of Luhansk, most of which is under Russian control, the Ukrainian army is advancing towards the key towns of Kreminna and Svatove, where the Russians have set up a line of defense, according to the Ukrainian governor of Luhansk, Serhiy Haidai.

“There are successes and the Ukrainian army is advancing very slowly, but it will be much more difficult for the Russians to defend themselves after the recapture of Svatove and Kreminna,” Haidai told Ukrainian television.

Follow all AP stories about the war in Ukraine at https://apnews.com/hub/russia-ukraine.

]]> Julius Baer bullish on 2022 targets after interest rates boost 10-month margin https://pivdencombank.com/julius-baer-bullish-on-2022-targets-after-interest-rates-boost-10-month-margin/ Mon, 21 Nov 2022 06:46:00 +0000 https://pivdencombank.com/julius-baer-bullish-on-2022-targets-after-interest-rates-boost-10-month-margin/

By Joshua Kirby

Julius Baer Gruppe AG is confident of meeting its full-year profitability targets after gross margin growth in the first 10 months of the year, boosted by rising interest rates.

Margin for the 10-month period increased 3 basis points to 85 basis points from 82 basis points for all of 2021, helped by a strong contribution in the four months from July, it said on Monday. the Swiss private banking group.

The contribution from net interest income and net income from financial instruments increased significantly due to higher interest rates, Julius Baer said.

Assets under management fell 11% from the end of 2021 to 429 billion Swiss francs ($449.26 billion) due to falling equity and bond markets around the world, Julius Baer said. Despite the drop, the group said it remains on track to meet its 2022 targets of up to 67% adjusted cost/income ratio and an adjusted pretax margin of 25-28 basis points. Year-to-date, the ratio was just over 66%, while the margin was just under 26 basis points.

The BIS CET1 capitalization ratio meanwhile fell to 13.9% at the end of October from 16.4% at the end of last year, Julius Baer said. The lender has put forward a dividend policy and a share buyback program of up to 400 million francs, defined in March, and which should end in February as planned.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

]]> 3 stocks paying dividends ranging from 550% to 600%, record date next week https://pivdencombank.com/3-stocks-paying-dividends-ranging-from-550-to-600-record-date-next-week/ Sat, 19 Nov 2022 16:54:16 +0000 https://pivdencombank.com/3-stocks-paying-dividends-ranging-from-550-to-600-record-date-next-week/

The amount of cash paid by a company to its shareholders is known as a dividend, which is the portion of the company’s profits distributed from reserves to shareholders. To be eligible to receive dividends, a shareholder must have his name on the company’s register on the date of registration. The record date for the interim dividends of Polyplex Corporation, EID-PARRY (India) and Tide Water Oil Co. (India) Ltd falls next week, which means that shareholders must be registered in the company’s register this such day or record date in order to qualify for the declared dividends referred to herein.

Tide Water Oil Co. (India) Ltd

The company said in a filing that its board had “declared a second interim dividend of 600% (Rs. 12/- per ordinary share of par value Rs. 2/- each) for the financial year 2022 -23. Determined as Tuesday, November 22, 2022, as the record date for the purposes of the aforementioned second interim dividend distribution. The dividend must be paid within 30 days from the date of declaration (i.e. say before Tuesday, December 13, 2022).”

In comparison to the Rs. 394.06 crores reported in Q2FY22, the company reported net sales of Rs. 448.02 crores in Q2FY23, reflecting a year-on-year growth of 13.69%. In Q2FY23, the company reported net profit of Rs. 20.43 crore, down from Rs. 32.00 crore in Q2FY22 and a year-on-year decline of 36.16%. Earnings per share (EPS) of Tide Water Oil fell from Rs. 18.83 in September 2021 to Rs. 12.02 in the quarter that ended September 2022. With a market valuation of Rs. 1,742 .75 crores, Tide Water Oil Ltd. is a small capitalization company active in the energy sector.

Shares of Tide Water Oil closed Friday at 1,002 each. On a YTD basis, the stock has fallen 32.47% so far in 2022.

EID-PARRY (INDIA)

The company said in a stock exchange filing that “the board has approved the payment of an interim dividend for the financial year 2022-23 at Rs.5.50/- (five rupees and fifty paise only) per share, representing 550%, on equity shares of the par value of Re.1/- each fully paid. The record date for the purpose of payment of the interim dividend will be 23 November 2022. The interim dividend will be paid to shareholders whose the name appears in the register of members on the record date with regard to shares held in physical form and in the case of shares held in dematerialized form, according to the indications to be provided by the Custodians on the Record Date The interim dividend will be paid from 6 December 2022, but within 30 days from the date of declaration of the interim dividend, as required by the Companies Act 2013.”

In comparison to the Rs. 6,978.41 crores reported in Q2FY22, the company reported net sales of Rs. 11,327.63 crores in Q2FY23 on a consolidated basis, reflecting a year-on-year increase of 62.32%. In Q2FY23, the business recorded a net profit of Rs. 241.40 crore, down 1% year-on-year against the rupees. 243.84 crore reached in Q2FY22. EID Parry’s EPS fell from Rs. 13.77 in September 2021 to Rs. 13.60 in the quarter that ended September 2022.

On an individual basis, the company reported net sales of 645.81 crores in Q2FY23 compared to Rs. 438.09 Cr posted in Q2FY22, representing a year-on-year gain of 47.41%. An increase of 16.31% from the Rs. 73.19 crores reported in Q2FY22, the company reported a net profit of Rs. 85.13 crores in Q2FY23. EID Parry’s EPS fell from Rs. 4.13 reported in the same quarter the previous year to Rs. 4.80 in the quarter that ended September 2022.

Shares of EI D-Parry (India) Ltd closed Friday at 625.85 each, down 0.64% from the previous close of 629.85. On a YTD basis, the stock has gained 37.31% so far in 2022.

Polyplex Company

For the 2022-2023 fiscal year, Polyplex Corporation announced an interim/special dividend of 550%. For the purposes of payment of the aforementioned dividend, November 25, 2022 has been set as the record date. The ex-date will be November 24, 2022, according to currently available BSE data. The company said in a stock market filing that its board had considered and approved “Declaration and payment of an interim/special dividend for the financial year 2022-23 @ Rs. 55/- per share (including special dividend @ Rs. 35/- per share) of par value of Rs. 10/- each, subject to TDS/Withholding Tax. The “record date” for the purposes of payment of the aforementioned dividend has been set as November 25, 2022.”

The company recorded net sales of 2,089.29 crore on a consolidated basis in Q2FY23 as opposed to 1,547.58 crores in Q2FY22, a 35% YoY increase. In the quarter ended September 2022, net profit stood at Rs. 115.02 crores, up 19.76% from Rs. 96.04 crores reported in the same period of the year. last year. As of Q2FY23, the earnings per share (EPS) of the company rose to Rs. 36.64 from rupees. 30.59 at T2FY22.

In terms of standalone sales, the business recorded net sales of Rs. 467.89 crore in Q2FY23, an increase of 13.86% from Rs. 410.95 crore reported in Q2FY22. In Q2FY23, net profit fell by 79.64% compared to Q2FY22 net profit of Rs. 188.40 crore to Rs. 38.36 crore. The earnings per share (EPS) of Polyplex Corp. decreased from Rs. 60.01 in September 2021 to Rs. 12.22 in September 2022.

Shares of Polyplex Corp Ltd closed Friday at 1,845.00 each, up 1.47% from the previous close of 1,818.25. On a YTD basis, the stock is down 2.11% so far in 2022.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

]]>
Former Huishang Bank chairman expelled from Communist Party https://pivdencombank.com/former-huishang-bank-chairman-expelled-from-communist-party/ Sat, 19 Nov 2022 03:19:32 +0000 https://pivdencombank.com/former-huishang-bank-chairman-expelled-from-communist-party/

What’s new: Wu Xuemin, former president of Hong Kong Huishang Bank Corp. ltd.was expelled from the Communist Party for alleged corruption and faces criminal charges, China’s top anti-corruption said in a statement Friday.

Wu, 54, served as party leader and chairman of Huishang Bank between November 2017 and April 2021 before being named head of Anhui Credit Guarantee Group Co. Ltd. He was investigated by the party in March.

In a strong statement, the Central Commission for Discipline Inspection (CCDI) accused Wu of betraying the party’s mission and becoming extremely greedy. Wu “recklessly abused his power in granting loans and managing personnel for personal gain and resulted in a huge loss of state assets,” the statement said. Investigators have given Wu’s case to the court system for prosecution according to law, he added.

Background: During Wu’s tenure, Huishang Bank suffered heavy losses on its interbank transactions with Baoshang Bank Co.Ltd., the first Chinese commercial bank to fail in decades. It is also one of the beneficiaries of Baoshang’s remaining assets.

Huishang Bank had about 6 billion yuan ($854 million) in losses on interbank deposits in Baoshang, Caixin learned in 2019 when Baoshang was seized by regulators.

Before Wu’s fall, two of his predecessors, Dai Hedi and Li Hongming, were also investigated. In May, Dai was sentenced to 12 years in prison for corruption.

Quick Takes are condensed versions of China-related stories for quick news that you can use.

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simonon (bob.simison@caixin.com)

To download our app to receive news alerts and read news on the go.

Obtain our free weekly Must-Read newsletter.

]]>
TD Bank survey finds holiday shoppers are navigating an inflation-fueled holiday season by betting on their budget https://pivdencombank.com/td-bank-survey-finds-holiday-shoppers-are-navigating-an-inflation-fueled-holiday-season-by-betting-on-their-budget/ Thu, 17 Nov 2022 18:00:00 +0000 https://pivdencombank.com/td-bank-survey-finds-holiday-shoppers-are-navigating-an-inflation-fueled-holiday-season-by-betting-on-their-budget/

CHERRY HILL, NJ, November 17, 2022 /PRNewswire/ — TD Bank, America’s Most Convenient Bank®, today announced the results of its 2022 Merry Money Survey, which found that consumer concerns about inflation are leading many consumers to take even greater proactive steps to ensure they don’t spend too much during the holiday season. In fact, 57% said they were creating a vacation-specific budget this year due to inflation and rising prices.

TD surveyed more than 1,000 Americans about their shopping, spending and money management habits this holiday season. The survey found that the economic environment weighs heavily on consumers’ minds, with 74% of respondents saying the financial aspect of the holiday season makes them anxious, compared to 66% who said the same in 2021. Despite this, 82% of consumers remain confident in their ability to manage their spending.

“The continued rise in inflation has added an enormous level of anxiety and stress to many Americans, and it’s understandable that this could impact how consumers decide to spend this holiday season compared to the previous years,” said Matt Boss, head of consumer products at TD Bank. “It’s important for consumers to be in control of their finances, not just during the holiday season, but throughout the year. The fundamental practice of having and maintaining an accurate budget can help them gain the confidence to maximize their spending goals and behaviors.”

Budget now, thank you later

Sixty-nine percent of consumers admit they have already spent too much on past holidays, with 45% saying they have spent too much per $300 or more. For many, the pressure to find the right gift for loved ones (36%) and the urge to take advantage of holiday sales (26%) top the list of factors contributing to overspending.

Despite past behaviors, top spenders are aware of their future buying habits. Ninety-two percent said they had considered adjusting their future holiday spending habits to avoid overspending – including spending less on gifts, sticking to a budget, giving fewer loved ones this year and more Again.

Browse payment options

Payments are like gift boxes; one size does not fit all. When asked how they intended to pay for their holiday shopping, more than four in ten consumers (42%) cited debit cards as their primary method of payment, followed by credit cards (33%) .

A whopping 76% of those who use bank or store credit cards also said they do so to earn rewards or cash back on spending. When it comes to paying vacation bills, nearly two-thirds of respondents who use credit cards or personal loans for vacation spending expect to pay 100% of their outstanding balance in January 2023.

“All financial situations require unique approaches that strike the right balance between saving and spending,” Boss said. “For example, for consumers who might be looking to take advantage of incentives and cash back for their holiday purchases, you might choose to use rewards or store credit cards. No matter how you choose to spend, it’s more important to spend within your means and have a plan to manage those expenses responsibly.”

The gift that keeps on giving – healthy financial habits

Beyond the holidays, shoppers are also prioritizing and preparing for success in 2023, including:

  • Get a receipt, check it twice: Ninety percent said they review their spending throughout the holiday season, and nearly half of respondents (46%) said they do so every time they make a purchase.
  • Get ready instead: Fifty-three percent of consumers said they set aside money throughout the year for holiday expenses by storing money in a separate jar, using a separate bank account, or saving gift cards and rewards points to use while on vacation.
  • Collect advice, make it enjoyable: Family is the main source of financial advice (30%) during the holiday season, followed closely by friends at 20%. Fourteen percent of consumers consult online resources and tutorials. If you’re not sure where to start online, get the most out of your merry money with a free tool, like the TD Bank Learning Center. And of course, consumers can also join the 10% of survey respondents who seek advice from financial professionals.

Methodology
Big Village surveyed 1,006 Americans aged 18 and older who celebrate the holidays. The online survey was conducted October 18-23, 2022.

About Big Village
Big Village, formerly ENGINE, is a full-service global media and marketing services company that enables clients to outperform in the present and win in the future through its wide range of marketing solutions including information, creative, media, data and technology. Founded in 2005, Big Village has its global headquarters in New York and 16 offices in North America, the UK, Europe and Asia-Pacific. Learn more about grand-village.com and follow@wearebigvillage.

About TD Bank, America’s Most Convenient Bank®
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the United States, providing more than 9.8 million customers with a full range of banking products and services for individuals, small businesses and – Atlantic, Metro DC, the Carolinas and Florida. Additionally, TD Auto Finance, a division of TD Bank, NA, provides vehicle finance and business services to dealerships. TD Bank and its subsidiaries also offer personalized private banking and wealth management services through TD Wealth Management.®. TD Bank is headquartered in Cherry Hill, New Jersey To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.

TD Bank, America’s Most Convenient Bank, is a member of the TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canadaone of the top 10 financial services companies in North America. The Toronto-Dominion Bank trades on the New York and Toronto exchanges under the symbol “TD”. To learn more, visit www.td.com/us.

TD Bank

]]>
Sea Ltd shares jump 41% after renewed focus on profitability https://pivdencombank.com/sea-ltd-shares-jump-41-after-renewed-focus-on-profitability/ Wed, 16 Nov 2022 07:03:20 +0000 https://pivdencombank.com/sea-ltd-shares-jump-41-after-renewed-focus-on-profitability/

Sea Limited logo seen displayed on a smartphone screen.

Raphael Henrique | Sopa Pictures | Light flare | Getty Images

Shares of Sea Limited jumped 41% following the announcement of its third-quarter financial results on Tuesday, after the company said it would renew its focus on profitability rather than outright growth.

In early morning Asia time, the stock was trading at around $62.70 after hours. Its previous close was $45.80.

“Given the significant uncertainties in the macroeconomic environment, we have completely shifted our mindset and focus from growth to achieving self-sufficiency and profitability as soon as possible, without depending on any external funding,” said Forrest Li, Chairman and CEO of Sea Group. Limit.

Shares of Sea Ltd are down more than 70% since the start of the year. The company owns online shopping platform Shopee and gaming arm Garena, two of its major money-making divisions.

The company fell deeper into the red in the third quarter ending in September, when the adjusted EBITDA loss was $358 million. This compares to the loss of $166 million in the same period last year. EBITDA is a measure of profitability that shows earnings before interest, taxes, depreciation and amortization.

In a bid to stem losses, the Singapore-based tech giant has laid off more than 7,000 employees, or around 10% of its workforce, in the past six months, according to local media.

In September, its senior management also announced that it would waive salaries “until the company achieves self-sufficiency”.

E-commerce and fintech see revenue increase, but gaming declines

The e-commerce and financial services units recorded a year-over-year increase in EBITDA for the third quarter ending in September, but were offset by a disappointing performance in game sales.

Shopee’s adjusted EBITDA loss was $495.7 million, improving 27.5% year-over-year, “due to strong revenue growth and operating cost efficiency improvements”.

“We are currently working towards achieving adjusted EBITDA breakeven point for Shopee as a whole by the end of 2023,” Li said.

EBITDA loss from its digital financial services unit, which includes Shopee Pay and its buy now, pay later service SPAyLater, narrowed to $67.7 million, a 57.4% improvement from a year ago, “primarily due to more focused sales and marketing spend for the mobile wallet business.”

Meanwhile, its games arm Garena saw adjusted EBITDA drop about 60% year-over-year to $289.9 million for the third quarter.

“Garena plans to launch new games,” Li said at the press conference. Free Fire, a global hit, struggled after India banned the game in early 2022.

The sea has also fallen his Garena’s expected full-year 2022 bookings would be between $2.6 billion and $2.8 billion, compared to previous guidance of between $2.9 billion and $3.1 billion dollars, due to “increasing macroeconomic uncertainties”.

Reduce expansion

Sea said it did not intend to provide 2023 guidance for its business, given continued macroeconomic uncertainties.

The Singapore-based company has faced several setbacks this year, including investor Tencent Holdings the reduction of its stake in the company, the banning of the Free Fire gaming app by India and the closure of Shopee’s operations in Latin America, including markets in Argentina, Chile, Colombia and the Mexico.

The tech company also pulled out of India and France to focus on key markets in Brazil, Southeast Asia and Taiwan in March.

The revenues of Sea Ltd.  in the first quarter exceed estimates, but losses increase

“Brazil continues to be a growing market and we will continue to invest in the market,” Li said on the conference call.

After these setbacks and billions in accumulated losses, she realized that chasing after growth was not a sustainable strategy. Sea’s adjusted EBITDA loss for fiscal 2021 was $593.6 million, compared to adjusted EBITDA profit of $107 million in 2020.

]]>
Hive Blockchain Revenue Drops 44% YoY Despite Overall Rise in Mining Production https://pivdencombank.com/hive-blockchain-revenue-drops-44-yoy-despite-overall-rise-in-mining-production/ Tue, 15 Nov 2022 18:17:48 +0000 https://pivdencombank.com/hive-blockchain-revenue-drops-44-yoy-despite-overall-rise-in-mining-production/

According to its second quarter (ending Sept. 30) earnings presentation released Nov. 15, Vancouver-based digital asset mining company Hive Blockchain’s revenue fell 44% year-over-year to $29.6 million. During the same period, the company’s net income also declined from $59.8 million in the year-ago quarter to a loss of $37 million.

Hive Blockchain’s net profit was significantly higher than its revenue in the second quarter of 2022, as the company also recognized more than $22 million in gains on the Bitcoin (BTC) and Ether (ETH) it mined . Although the company did not incur significant capital losses on parts in the second quarter of 2023, it did, however, record an impairment charge of $26.2 million for its mining rigs.

The company’s losses appear to have escalated even as its Bitcoin mining capabilities have increased further. Year-over-year, Hive Blockchain mined 31% more BTC than in Q2 2022 for a total of 858 coins, which is even more valuable after representing a 15.9% decline in year-over-year of its ETH mining, which stood at 7,309 coins in the quarter.

The overall increase in production was attributed to the opening of the company’s New Brunswick Bitcoin mining facility in the last 12 months, which brought more than 17,300 miners of specific ICs online. application (ASIC). Expressing his optimism for the company’s operations, Executive Chairman Frank Holmes said:

“Strategically, we haven’t borrowed expensive debt against our mining equipment or pledged our Bitcoins for expensive loans, so our balance sheet remains healthy to weather this storm. We believe our low coupon fixed debt; attractive prices for green renewables and energy-efficient ASIC chips will help us get through this crypto winter.

However, the company warned of higher operating expenses in the future due to record mining difficulties. Currently, Hive Blockchain encompasses around 0.85% of the Bitcoin network hash rate. At the end of the quarter, Hive Blockchain reported holding 1,116 BTC, worth $48.4 million, and 25,154 ETH, worth $74.7 million, on its balance sheet.