UPDATE 1-3i making progress with cost cutting measures

Fri Jul 27, 2012 12:08pm IST

Related Topics

Stocks

   

* First quarterly statement as part of transparency drive

* Asset value per share down to 275 pence

* Says making good progress on restructuring, cost cuts

LONDON, July 27 (Reuters) - Private equity group 3i said it is making progress with cost-cutting measures as it moves to a new reporting timetable it hopes will make it more transparent and win back shareholders dissatisfied at years of poor performance.

The private equity owner of womens fashion retailer Hobbs and Tommee Tippee baby bottle maker Mayborn made its maiden first-quarter announcement on Friday.

3i said asset values dipped to 275 pence a share for the three months of end June from 279 pence three months earlier.

New Chief Executive Simon Borrows promised jobs and cost cuts last month to reduce annual operating costs by 45 million pounds ($70 million) within two years as the firm seeks to beef up its earnings and return more cash to shareholders.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage